One-Cheque Rents on the Rise.

One-Cheque rents on the rise as many Dubai tenants stay put to avoid rising costs.

Paying annual rent with one cheque is on the rise again in Dubai, according to a report. More tenants are deciding to stay in their current property, where there are rent controls in place, to avoid rising costs.

That was according to the Q3 2022 Market Report, released by the Dubai Land Department. It found one-cheque payments rose by 8 per cent compared with last year.

“With low supply and high demand, the power of negotiation currently lies in the landlord's hands and [they] can, therefore, push for single cheques.

In addition, higher rental prices across the market mean those who can afford it may opt for single cheques to negotiate a lower rental prices.

Paying with one cheque is the most popular way to secure rent for the year, making up 32 per cent of transactions.

The next most common was four cheques, which represented 30 per cent of rentals, followed by two cheques (22 per cent), three cheques (9 per cent), five cheques (5 per cent) and 12 cheques (1 per cent)

Another property expert said tenants had to accept it was a landlord's market at the moment.

“Landlords are pretty much insisting on one cheque because the market is so competitive at the minute,” said Mario Volpi, sales and leasing manager at Engel & Volkers and a columnist for The National.

“That is becoming the norm. Properties where the landlord will accept multiple cheques can still be found but it is most likely they are existing contracts being renewed.

“Most landlords are looking for one cheque, or two at most, for new contracts or properties that are empty.”