tall buildings in manilaIf you’re planning to rent a condo in Manila, it may be a good time to close a deal before the end of this year. Colliers International Philippines expects the rates for condo units for rent in Metro Manila to increase between 0.3% and 0.5% per year from 2019 to 2021. The rising demand has been one of the factors for the growth. For instance, Rockwell has had a higher take-up for its property portfolio, according to Colliers.

Property Vacancies

Rockwell’s vacancy for its portfolio improved to 10.3% from 11.3% between April and June, particularly for its Rockwell Center units in Makati City. Expatriates account for a significant portion of the demand, as well as the investors who want to cash in on the strong market.

The minimum price of a luxury condominium in Metro Manila is up to P6 million, so it’s safe to assume a six-figure rental rate for these types of residential units. Take note, however, that the current rates may only continue to increase in the coming months, especially since the demand from Chinese nationals further influence higher property prices.

Demand from the Gaming Sector

Those who are looking for rental properties in the Bay Area should know that leasing rates during the second quarter rose to P1, 500 per square meter, up from P1, 000 per square meter, according to Colliers Philippines Research Manager, Joey Roi Bondoc.

The situation is largely the same in Makati, where properties are consistently more expensive if they are nearer the Central Business District or CBD. Employees of gaming companies from China have fueled the recent uptick, as many of them look for homes near their place of work in Metro Manila.

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Individual buyers and investors should decide soon if they still want to rent a condominium in Metro Manila before leasing rates become too expensive next year. Consider a unit in a mixed-use property development where most facilities for work and leisure are not too far away.