For people who are wondering about the feasibility of having apartment units rented out in the Philippines, below are some things to take into consideration before getting the process done.
Apartments being put in the market for rent are quick becoming a great venture in the Philippines. More and more people are selecting this venture, particularly people who are closing in to retiring. Today, there are three types of apartments for lease: the studio types, bed spacers, and the bungalow or multi-level houses.
Bed spacers are good types of apartment units for rent. This type of apartment unit get quickly rented out, particularly in locations close to schools, and business districts. Properties which are almost impossible to rent out become money-making dynamos when turned into bed spacers. Even a tiny home made into a 4-person bed spacer can acquire more than if it is rented out as a studio-type or one-bedroom. It’s also very simple to make a property into a bed spacer apartment. The property owner will only need to buy beds or bunk beds for more spaces, provide cabinets or drawers for those who will rent and have one or two common toilets and baths. The bed spaces may be tagged at 1000 to 1500 each inclusive of utility bills. From a studio type that may be rented out for 3500 every month, it has turned into a 4000-6000 bed spacer apartment. This means more revenues from the same property.
Studio-types are typically bigger than houses that are made into bed spacer apartments. Unlike a bed spacer it has a space for a queen-seize bed, a bathroom and toilet, a kitchen and nook, and a place for a reception or living area where a sofa or a few arm chairs may fit. People who usually lease studio-type apartments are singles, newlyweds, or a simple family of three or four. This is feasible as majority of individuals leasing in the urban areas of the Philippines are these types of individuals. These apartment units are typically priced at 3500 to 5000 each month. And they may be located in two-storey or single floor establishment.
The third kind of apartment unit is the multi level apartments. These are usually marketable when parking space is provided for possible tenants. This is due to the fact that tenants with cars don’t opt for studio-type or bed spacer apartments. They look for homes for rent with garages or parking spaces for a car. Even just a safe porch in front of the unit is sufficient to have these types of tenants renting. Since there’s a necessity for parking areas or slots, these kinds of apartments are usually in subdivisions and villages that give security for their residents. The usual size of multi-level apartments or bungalows is 25-50 square meters. It can fit one to two suites, comes with a toilet, separate dining and kitchen area, and a reception place.
As may be seen from the given three types of apartment units and the data following them, renting out apartments in the Philippines is a feasible business. But, it must be remembered that the apartments for rent should be simple to market and will definitely be open to the target market in a certain place.
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