RERA Calculator: As the Dubai estate market is developing, more projects go into the transfer phase, resident, on the other hand, are considering having more units to choose from when moving out. More to this is the attractive housing rental concessions.
With many rental quotes, many people want nothing more than to get the best rental price. This is where the RERA’s rent increase calculator comes into the picture. For more clarifications, RERA stands for Property Management Agency. This is part of the Dubai Land Administration (DLD) and is responsible for improving the relationship between the landlords and its tenants.
RERA also manages all individuals and organizations engaged in the real estate industry in the country. One of the most popular uses of RERA is for the renovation and renewal of Dubai’s rental prices. The survey keeps account of the average rental value of all types of rental properties in Dubai.
What’s more, the report is updated annually to maintain the transparency of Dubai property lease transactions. Enough of the review lets see how you can use the RERA Calculator in Dubai.
How to use the RERA Calculator
Using this RERA Calculator in Dubai is very simple. All you have to do is to make use of the click button and you can access and get all the information you need or want about Dubai rents.
The RERA Calculator also compares your property costs to the average value of similar properties in your location. Check out the steps below on how to use the RERA Calculator.
Step 1: Open the rent growth calculator (RERA)
Step 2: Now choose the type of character of property you want the information
Step 3: Then enter the required details in the rent calculator.
Step 4: Finally click the “Calculate Rental Growth” button and the result will display
Note: After clicking the “Calculate Rental Growth” button, the average rent for the selected real estate type in your area will be displayed and also show whether you are eligible for rental growth.
With this information provided by RERA, you can determine the actual value of the rental property and whether the landlord charges you more than the required amount. However, if you are the landlord, these are the rent growth framework you should follow according to the rental price index in Dubai.
1. Rent less than 21-30% of the average rent in the area, a 10% increase will apply
2. Rent with 31-40% lower than the average, should increase by 15%
3. Rent less than 40% of the standard in contract, a 20% increase will apply
4. However, if you have already paid within the above range, there is no need to increase rent.