Condo living is a hot trend in the metropolis. Rent your own unit at the most convenient time to move. Here are helpful tips to guide you.
You may be ready to rent your own condo, but are you prepared to make the move? Here are facts that can help you in deciding when to settle.
Money is not the only consideration in deciding when to move to a new home. Know facts about the "right" time to settle in your own condo.
The real estate industry remains as the one of the biggest drivers of the Philippine economy. The Philippines Statistics Authority has recently reported that real estate and renting and other business activities (RERBA) expanded by 7.9% in the fourth quarter of 2015. RERBA recorded the highest growth rate in the service sector.
BDO Capital is optimistic on the prospects of the real estate industry. The investment house cited the robust Business Process Outsourcing (BPO) sector as one of the growth drivers. In a statement, BDO Capital President Eduardo Francisco said that demand for mid-market residential properties within central business districts will remain high as BPO employees “don’t want to stray away from their place of work.”
Renting a condo near business areas is not only convenient, it is also practical. If you factor in the transportation cost and time spent on traffic, renting near your office (although for higher rental rates), will still save you a lot more. Most condo projects, including DMCI Homes’ condos for rent, have indoor and outdoor facilities for your fitness, recreation and relaxation. There’s no need to spend outside your condo community.
If you’re mentally and financially ready to rent your own condo, here are helpful information to guide you on what’s the best time of the year to rent a condo.
January: “New Year, New You”
The first month of the year has a magical effect on people. The “new year, new you” mantra is practiced in various aspects of life—from one’s health to investment portfolio. People are fond of making grand decisions during the first month (or the first quarter) of the year. One of these is moving to a new home.
January can be the best time to rent to keep the “good vibes” momentum. Moreover, it’s advisable to settle down before the competition in summer.
Summer: The Peak Season
The middle of March, or right before the Holy week, marks the start of school break in Metro Manila. There’s a lot of options for condo units as recent graduates move out. You must act fast, though. Parents and their incoming college kids will be scouting for a condo for rent at the start of the enrollment period in May. You may have a lot of options, but the competition can be tougher during this period.
Summer is also an ideal time to change residences as the weather is more predictable. Can you imagine yourself moving furniture to your new condo under the rain? The rainy season in the archipelago generally starts in June. Try, if you can, to settle before the wet months.
August: The Ghost Month
The Chinese are extra cautious during the Ghost Month. During this time, it is believed that hungry ghosts visit and wander around the living world. Filipino-Chinese families remember the deceased and provide offerings such as food and drinks. The period falls on the 7the Lunar month, which may vary per calendar year. In 2016, the Ghost Month is between August 3 and August 31.
Investing activities are also slow down during this period. Fewer people are likely to part with their money and many opt not to take major investment decisions. In fact, stock market transactions are on a decline during this subdued month. Businesses postpone important events. Chinese couples reset their weddings to another month and families also avoid moving to new homes to avoid bad luck. Whether you’re superstitious or not, you may take note of this Chinese custom in deciding when to rent a condo.
The “Ber” Months: The Hunting Season
Generally, there is no cheapest month to rent a condo as rental rates of real estate properties in the country either rise or remain constant. A dip in rents is almost unheard of. In choosing the best time to move into a condo community, the only important factors that you should be considering are the inventory of condos for rent and the competition.
Start your search for a condo rent in the Philippines in September. By this time, lessors would know whether their lessees enrolled in the current semester would renew their contracts after their semester break. College students in Metro Manila take a month-long break in October before resuming another semester in school.
November and December are ideal months to move to a condo. First, there’s an inventory of units after the sem break. Second, you’d have the money to make the move (Hello, Christmas bonuses!). Finally, you can take advantage of the long holidays to settle down. You would want to spend your valuable vacation leaves sparingly, wouldn’t you?
One of the signs that you’re ready to rent a condo is when you’re about to start your own family. Your choice of a unit, including the floor space, would probably be different from that of a single renter. You may also seek tips for condo renters from family and friends living in condo communities. They’d have personal knowledge on condo living and may even share a few smart tips when renting a condo, such as the right questions to ask your lessor.
First-time condo renters are advised to consult specialists such as DMCI Leasing about the technicalities of leasing. You can do your research on the best places to live in and the recommended time to make the move, but you should also ask for expert advice.