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FIRM | ‘New normal’ of work uplifts rental demand

 

 

 

 

 

THE rental demand in the country saw a stable increase in the second quarter of 2021 from the same period last year, according to Lamudi. Keeping up with the aggressive appetite of the market, the company offers brokers the chance to post unlimited rental listings on the platform until October 31, 2021.

Activity is heating up in rental housing markets across the Philippines, as the country’s leading real estate partner Lamudi observed in its latest data. 

The increased demand, driven by the new normal of work, offers a promising opportunity for landlords and investors. The trend remarkably touches different residential real estate niches across different market segments, from affordable condominiums to staff housing down to vacation homes.

Supporting this vibrant demand from the market, Lamudi is offering brokers who subscribe from August 2 to October 31, 2021, the chance to upload unlimited rental listings until the end of the promo period. For as low as P799 a month, real estate professionals and property owners can unlock the exclusive, limited-time offer.

Aggressive Rental Market

At the height of the pandemic last year, with all the strict travel restrictions and limited public transportation, several companies in key sectors turned to large residential spaces near their offices and industrial plants to house employees. 

According to Lamudi’s data, the share of leads for rental properties priced at P200K to P500K in Luzon (outside Metro Manila) and Visayas saw a significant increase in the second quarter of 2021 from the second quarter of 2020, with Luzon in particular showing a double-digit hike.

Meanwhile, the affordable condo for rent market sustained a lead share above 15 percent since the first quarter of 2021. These are properties priced from P5K to P15K. With the return to office gradually picking up, more workers are expected to gravitate towards condo rentals near their workplace to avoid the hassle and health risks associated with long commutes or limited transportation options due to community restrictions. 

Other than the need to be close to the workplace, the trend of workcations (working while on vacation) likely contributed to the aggressive rental market observed in the second quarter of 2021. Lamudi observed that the five most-searched cities in this period are travel hotspots and cities with access to nature, namely Cebu City, Baguio, Tagaytay, Antipolo, and Quezon City.

Similarly, a lot of property seekers were searching for Siargao, Bohol, Boracay, and Zambales. The Batangas province and Lapu-Lapu City amassed impressive leads growth figures since the first half of 2020. Rentals priced between P5K to P30K represented the fastest growing price range in terms of leads generated.

Mobile, Agile Lifestyle

While uncovering new trends, the pandemic exposed the enduring demand to be close to transportation networks. In the case of the rental market, more are searching for properties near the proposed Metro Manila Subway, according to Lamudi. Districts such as Ortigas Avenue, West Rembo, and Western Bicutan are likewise popular among renters, likely because of their proximity to mass transit. 

Ortigas Avenue offers easy access to MRT-3, the railway line serving the capital region, as well as the soon-to-be-constructed MRT-4, eyed to connect Metro Manila and Rizal. West Rembo is near the newly-opened BGC-Ortigas Bridge and the Guadalupe and San Joaquin ferry stations. Meanwhile, Western Bicutan hosts the FTI station, the terminal at the South Main Line of the Philippine National Railways (PNR).

With the rental market flexing strong demand, Lamudi projects bright spots for property investors amid the pandemic. Brokers, meanwhile, are encouraged to maximize the unlimited rental listings offer available until the end of October. 

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