How feasible is the business of having apartments rented in the Philippines? Here are things to consider in having apartments for rent.
Apartments for rent are a growing business in the Philippines. Many people, especially those on retirement, choose the business of renting apartments to others. There are three kinds of apartments for rent: the bed spacers, studio-types, and the bungalow or multi-level house.
Bed spacers are good types of apartments for rent. They get easily rented out, especially when placed near factories of commercial centers. A small 25 square-meter bungalow hard to rent out to others turned into bed spacers may result to 3 bed spacers easy to market. A bed spacer may measure 6 square meters, providing a bed with two drawers under and a head board cabinet. The remaining 7 square-meter space aside from the 4 bed spacers is good enough for a small common toilet. So, an unmarketable 25 square-meter small bungalow rented out for a reasonable rate of P3,500 a month can easily earn P1000 more if turned into a P1,500-montly rent rate for each of the 3 bed spacers. It’s often the option in the business of renting out apartments.
Studio-types are often a 16 square-meter or 25 square-meter room complete with a space for a queen bed, toilet, kitchen and dining nook and space for a small sofa as a mini reception area for visitors. Takers of studio-types are often singles, newly married, of a simple family of four. A business of renting out apartments with studio-types is also feasible because most renters in the country are singles or newly married or a family of four. Apartments for rent that are studio-types may be rented out from P3,500 to P5,000 monthly. Studio-type units may be housed in a single or two-floor apartment.
Bungalows or multi-level apartments are marketable when car parking is provided. Tenants with cars seldom settle for bed spacers or studio-types. They look for apartments for rent with garages or any car parking spaces—like a secured porch in front the unit where a car would fit. The business of renting out apartment units with parking spaces is often feasible in subdivisions or villages with security outposts. They often measure some 25 to 50 square meters, must at least have one or two bedrooms, a toilet, separate dining and kitchen, and a living, aside from the garage.
Renting out apartment units is feasible in the country. But apartments for rent should be easy to market and suitable to the target clients.