Rising trend for ‘live and work’ properties buoys rental business

CEBU, Philippines —  The need for a multi-purpose residential address pushed the property rental business alive, as more people are now looking for homes that are conducive for both live and work.

Rental management firm, rent.ph, noted a rising demand for properties that cater to “live and work” purposes during the pandemic, reported rent.ph president Anthony Leuterio.

Rent.ph is under the Filipino Homes group of companies.

According to Leuterio, people are looking for rental spaces near their workplaces to avoid the long commute while others desired to stay in integrated communities where essential shops are a walking distance.

 Moreover, he said the work-from-home arrangement, and increasing number of entrepreneurs doing their businesses from home, people are also looking for properties that have multi-functional amenities.

The key is, those locations that are easy to navigate during lockdowns are the most in demand for renters right now.

“Other renters also look for bigger spaces where they can integrate their workspaces or businesses. Some rent two-story apartments to make the ground level their business space,” he said.

Filipino Homes’ Rent.ph, which is a website that covers rental listings across the country from rooms to land properties, saw an increase in rental activities by 40 to 50 percent since January this year, Leuterio said explaining that the increase can be attributed to low rental rates and the hybrid work arrangement now implemented by companies.

Business owners are also getting smaller office spaces, or warehouses in strategic locations amid the unpredictable quarantine protocols.

According to Leuterio, the challenge of moving around or transporting goods, especially during enhanced community quarantine, prompted business owners to move their storage facilities closer to consumers to maintain seamless flow and on-time delivery of goods and services.

Moreover, the election slated in May 2022, is also seen to push demand for property rentals, while politicians or candidates and supporters will open offices across the Philippines.

He added that it is also good to sign up rental contracts now as rates are cheaper. Since the pandemic rental rates have gone down to as much as 50 percent.