High rental property demand in Cebu noted

CEBU, Philippines – There is now a high demand for rental properties in Cebu owing to the fact that it is gaining more popularity as a second home and investment destination.

Rent.ph, an online  rent management portal, reported that clients both from out-of-town and from abroad are having a  hard time getting a residential, commercial, office or warehouse spaces to rent in Cebu.

According to Rent.ph president Anthony Leuterio, the looming shortage of properties for rent  in Cebu pushed some developers to build more office and residential condominiums, as the current inventory are mostly acquired by serious investors and property buyers who want their own condo units.

“We just came from a trade mission in the United States, some of the clients we talked to there inquired about the availability of  for rent condominiums, house and lot and even decent apartments, that they can live in  when they come for longer vacation and while deciding wether to buy property here,” said Leuterio.

Office space and warehouses are also on the  top list of in demand for rent facilities now, he added.

Meanwhile, a study conducted by global property portal Lamudi Philippines showed that among 18 to 24-year-olds, there is an equal proportion of property hunters looking for for-rent and for-sale properties (50.2 percent versus 49.8 percent). But the thicker market now is looking for properties that can be rented.

In order to solve this problem, Lueterio said Rent.ph will accelerate the implementation of its service expansion, in offering serviced-apartment options to the growing market looking for rental properties.

The company is currently studying platforms employed by other countries like Hong Kong, in order to immediately set up  a group that will take care of the management of serviced apartments listed in the portal.

Serviced apartment is a fully furnished apartment available for both short-term as well as long-term stays, providing all the hotel like amenities.

In the Philippines, on the other hand, serviced apartment accommodations may take in a more subdued fashion, while a typical house-for-rent, apartment buildings, or a residential condominium unit can be made into a serviced-apartment facility, minus the luxury of hotel-like amenities.

At present, there are more or less  2,000 available spaces (apartments, houses, condominiums) for rent in Metro Cebu but these are not enough to accommodate the tremendously growing demand. Besides, location and neighborhood also play a critical role in pushing for rental properties. (FREEMAN)