The demand for rental properties in Metro Manila is increasing, mainly driven by a shift in the preferences of property seekers, according to Lamudi Philippines.
“In Metro Manila, we’re seeing demand for affordable rentals bounce back in 2021, as many return to the office or prefer proximity to the office as they transition to more flexible schedules in the new normal,” Lamudi said in its latest report.
Lamudi data showed a gradual recovery in leads for rental properties within the P5,000 to P15,000 range, which showed quarter-on-quarter gains since the third quarter of 2020 and has sustained a lead share above 30 percent since the first quarter of 2021.
“For those not quite ready to purchase their own property yet as well as for many not based in the Metro, renting remains to be the more immediately accessible option,” Lamudi said.
“With renters worried about co-living in high-density spaces during a pandemic, property sellers can leverage amenities such as study and work stations, open air leisure facilities and updated safety measures to ease any concerns,”it added.
The property listing portal also highlighted the growing interest for luxury rental properties.
Lamudi said the share of leads for luxury properties to rent worth P200,000 to P500,000 increased in Luzon and Visayas throughout the pandemic.
It added that in Luzon, particularly outside of Metro Manila–where many industrial plants and export processing zones are located–the share of leads for properties to rent within the P100,000 to P200,000 range increased in the second quarter of the year from the same period a year before.
“The same trend was observed in Metro Manila and in Visayas, with the lead share for properties within the same range posting slight gains from second quarter 2020 to second quarter 2021,” Lamudi said.
With the growing interest for rental properties among property seekers, Lamudi said t there is now a more evenly distributed market for properties to rent and purchase in Metro Manila – a sign of shifting seeker preferences and diversified market needs.
“In the first quarter of 2021, the distribution of leads for properties to buy and properties to rent was nearly equal. This progression is telling of the changes in seeker priorities brought by the pandemic, including shifts in the way people approach renting properties,” Lamudi also said.