Research has shown that many young couples are increasingly renting homes, either because they cannot afford to buy their own housing units or because they are waiting for their housing units to be delivered as delivery dates can take up to four years. The hunt for a unit to rent might seem difficult and overwhelming; Invest-Gate eases this journey by providing a guide on the dos and don’ts of rent in Egypt.
• Location is very vital so make sure that there are services near your chosen unit such as transportation, hospitals, nurseries and schools.
• Make sure to visit the street of the housing unit you are considering at night to make sure it is a safe community in general and that streets are lighted.
• Avoid “hotspot areas”, where the demand is high and so are the prices and opt for slightly further areas but with lesser prices. Central areas such as the Fifth Settlement tend to be overpriced, as there is a high demand on units. You could rent an apartment a bit further such as in Madinaty, where the supply is high and prices are lower.
Getting a Good Deal
• Some bargaining tools to use while negotiating a rent deal is paying only one month as a security deposit instead of two months’ rent or negotiating a multi-year contract instead of a shorter term contract.
• Some renters offer unfinished apartments for rent; try to negotiate to finish the apartment at your expenses and deduce it from the rent money. This way, you can get to choose the finishing of the apartment with your own preferences and not paying for all or some of the expenses.
• If rent prices in gated communities are above your budget, try to search for units in “mini compounds,” which offer some exclusivity such as security guards but not all the amenities and services of gated communities such as gates encompassing the project.
Expand Search Tools
Having a local real estate agent to guide you through the house hunting process is very important but you should widen your search tools;ask friends and families if they know of any units for rent and check online brokerage platforms. If there is a specific neighborhood or gated communities you have in mind, ask local porters and security guards, as they usually know of apartments being offered for rent.