Metro Manila’s university belt ‘the most sought after’ location for rental homes

By: Evelyn L. Aguinaldo / Author / Investor / Cyber Real Estate Property Seller

Transactions in the Philippines residential leasing market picked up significantly during pre-enrollments of up-coming students in May-June each year as several foreigners, Filipino foreign dependents as to those well-to-do provincial-based students find housing for their continued studies in the prime cities particularly within the university belt areas in Metro Manila, as I noticed on my leasing business transactions nowadays.

“The location most in demand is in the university belt area particularly within the vicinity of the University of Santo Tomas, University of the East, Far-Eastern University, San Sebastian College, San Beda College and Centro Escolar University in Sampaloc, Manila.

In Taft Avenue, De La Salle University, Philippine Women’s University, Philippine Christian University, Saint Benilde College, Saint Scholastica’s College, Saint Paul College & the University the Philippines comprises the university belt area.

Whereas in Katipunan Avenue in Quezon City is where Ateneo De Manila University, Miriam College and the University of the Philippines continues to be the University belt’s prime development for many students.

CAMELLA Condo Homes, Katipunan Avenue Quezon City

The average rental rate for a 16.5 sq. mtrs studio pad condo unit at the UniversityTower Manila during the first quarter of 2012 was Php 9, 000.00 to Php 12, 500.00 a month while a 1-bedroom condo unit of 22 sq. mtrs was Php 18, 000.00 a month. The sought after studio pad condo unit of 24 sq. mtrs – that can be expanded as 1-bedroom at the Pacific Grand Tower and is strategically located near to UST’s Hospital building was priced at Php 18, 500.00 monthly.

“The cheapest condo rental is found at the Espana Tower, near Mabuhay rotunda where a fully-furnished 22 sq. mtrs studio unit is priced at Php 12, 500.00 to Php 15, 000 per month. España Tower is reviewers’ paradise because of rental affordability as well as being near to most review centers in Manila. 

University Belt "best" students' condo for investment & residences  

Rental rates depend upon the furnishing offered by the lessor, for high-end condo units in Makati financial district as in the Fort Global city area commands a much higher price.

“If demand continues at this level, and, assuming no new residential buildings in phases are delivered during the school opening on June 2012, rental rates for the best-configured condo & apartments may witness a slight increase. However, several condominiums, apartments, and dormitories across all areas of Metro Manila and all other progressive cities in the Philippines will become more affordable because of continuous constructions activities of prime-condo developers in these areas.

Several condo units at the University belt are now on its finishing stage namely: the University Tower II in Galicia Street, Pacific Grand Tower II in Dapitan Street and Crown Tower in P. Campa Street – all mentioned condo towers are located in Sampaloc, Manila and One Archers place in Taft Avenue, Manila is now ready for occupancy as well.

Fully Furnished Condo @ AURORA HEIGHTS Residences, QC

Up-coming and under-construction university belt condo in or around the university belt areas are as follows: University Tower P. Noval Manila, Camella Condo Homes Taft Avenue Manila, Camella Condo Homes Katipunan Avenue Quezon City, SM Blue Residences Katipunan Avenue Quezon City and Aurora Heights Loyola Quezon City are amongst the few condo buildings that will cater to the housing needs of students.

Apart from rental homes, the residential condo sales market saw improved levels of inquiries during the first quarter of this year as investors, eyeing the Philippines promising medium-to-long term capital appreciation prospects, sought alternative investment opportunities to cash reserves.

SM Blue Residences, Katipunan Avenue Quezon City

The majority of inquiries were from Overseas Foreign Workers (OFWs) all over the world, Filipinos with dual residency status outside the Philippines - particularly from the US / Canada sector and local investors seeking to purchase a property from reputed developers in the Philippines.

Inquiries continued to be for residential purposes ranging from a studio pad and 1-bedroom condo unit both in rentals and sales. This segment of the market is relatively undersupplied compared to prime, shell and core offices that are available today.

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DOs and Don'ts of finding a Rental Properties in the Philippines

By: Evelyn L. Aguinaldo / Author / Investor / Cyber Real Estate Property Seller

As I mentioned in my previous article, Rental Property Part 1, different rental properties are available to suite your lifestyle and needs. It is indeed a heart warming experience if you land into one good place without the hustle of arguing about anything pertaining to your rented property at the end.
Whenever you call for a condo, house, apartment, land and the likes, you must ask these general queries, when applicable:

Location: As in every business enterprise, finding a rental property also calls for a good location. It is the key factor to consider in order to suite your budgetary allowance and a gauge whether you are suited to the community or you can be able to fit whatever class the community you are about to live into.

Land mark: It will give a quick overview, as it will be helpful for reaching to that area in no time. If you are an internet buff, you can easily trace the area trough the use of Google Map or other internet mediums to zero-in your search at the comport of your present home or near-by internet café. At the end, even your visitorâs can easily trace you by providing them with the known land mark.

Accessibility: You must put into account the transport facilities availability and accessibility when finding a new accommodation. Renting accommodation near the cross-road of different public transportation routes (i.e. tricycle, jeepney, bus, train and an access road when using your own car) is a good choice to minimize downtime traversing to/from your destinations. Also, accessibility to institutional academe is a major consideration for your kidâs education, when required.

Overall, the area where the accommodation is situated should gives luxury to where academic, health, religious, metropolitan parks, financial & commercial establishments should be just minutes away by any form of transport utilities.

Municipality Services: In Mega-Manila and suburban cities and municipalities, flood water is always crippling geomorphic low-lying areas that are usually brought about by tropical storm during rainy season. You must re-consider living in this area, but if it is to become un-evitable, you have to take into account the capacity of the local municipality to pump-out  excess water and become passable again in due time. The hygienic performance of the Municipalityâs garbage disposal system, pest control program, and drainage system maintenance is also a must in your priority list.

Building history: The construction and building history is worth asking especially when the accommodation is of high-rise structure in order for you to gauge the building adoptability to any weather conditions and unforeseen calamines the like of typhoon, earthquake, etc. How old the building is? Your agent, dealer and the owner should know the history of the building.

Never go for a dilapidated building as there will always be un-sanitary conditions and fire hazard associated to it. There may also be a chance that the local government will not even renew the building permit because of the building condition and worse, in the near future they will demolish this structure in-order to build new one in favor of the owner or association.

Amenities: For convenience of the unit owner and tenants whether living into a subdivision, mid-rise or a high-rise accommodation, the community should have a mind zone on the study hall, convenience shop, internet café, multi-purpose function room, aqua zone on the swimming pool area, changing room, body zone on the fitness center, chill zone on the landscape courtyard, Laundromat, etc.
Verify whether the unit owner and tenants can use the swimming pool and all other amenities âfreeâ of charge at any given time or ask the building administrator about the charges associated when using these amenities.

Whenever some of the amenities are not provided within the community, find-out itâs availability nearby.
Facilities and services: When renting accommodation into a mid-rise or high-rise building, ask about anything from concealed raceway for stand-alone or centralized air-conditioning system, provision for entertainment system, internet connections, cable TV and telephony.
As part of customerâs protection, fire, smoke detections, sufficient fire exits should be a standard question worth asking.

When it comes to comport and health issues within the confined space of the building, air wells, stand-by power source, cistern and water tank for continuous water supply, garbage chute or garbage collection services must be taken into considerations.

Security arrangement within the building is a must. It should have a security counter for 24-hours security check in the lobby as in the car parking entry/exit point. CCTV cameras should also be position strategically into the lobby, hallways, elevator, stair wells and car park entry/exit point for added security measures.

Another security measures I would like you to ask is about the controlled access to residential areas. There should be several dedicated high-speed elevators exclusively for the use of the resident. All other elevator services should not have any access to the residential areas, except otherwise when it is secured. Security to units via audio-intercom system connects to the security counter for 24-hour security check gives you peace of mind within the tower.

Building facilities, the like of Administration office, mail room, parking space whether it is form part of the unit or for rentals should be ample in numbers for customerâs use.
You will be paying a lot of money anyway, so better check the availability of these facilities whenever you decide to rent a unit from the building.

Rental Property in the Philippines

By: Evelyn L. Aguinaldo / Author / Investor / Cyber Real Estate Property Seller

Rental properties include real estate property such as houses, homes, hostel, apartments, condos, condotel, lofts, villas, vacation houses and townhouses for rent.  A rental property is any form of real estate that the lessor (owner) is willing to allow a lessee (tenant) to rent the property for a specified period of time.  Rental property is property such as land, buildings, and/or units available for rent.

Rental Property Types:

Apartment for Rent: An apartment for rent is a rented unit in either a building or a flat. Apartments for rent are self contained units that occupy a portion of a building that usually doesn’t have amenities provided.

Condo Rentals: Condominiums for rent is also a self contained unit that occupy a portion of a building but unlike apartment, condominium buildings are provided with amenities and facilities, the like of swimming pool, view decks, social hall, gym, wifi enabled, etc. to name a few. Unit owner and lessee can use the building amenities and facilities provided free of charge or with minimal fees as mandated by the building administrator.

Duplex for Rent: A duplex is a property that has two conjoining units. Some are side-by-side while others are on separate floors. Most look like two houses that have been combined on one side.  Duplexes that appear stacked usually look more like townhouses. They are most commonly found in some subdivisions within your locality. Duplexes houses appear much like a smaller version of an apartment.  The main difference between a duplex and an apartment is the size.

Room for Rent: Renting a room is a great alternative.  Save money by splitting utility costs and reduce monthly payments by sharing the cost with another roommate or with the owner of the property. This is widely practiced near the university belt institutional academe and or in the vicinity of commercial establishments.

Vacation Rental: A vacation rental is any rental property used for short-term renting.  They are primarily occupied by travelers to replace a typical hotel-style accommodation.

My OWN (ElabizProperties) Hostel in Baguio City

Lot for Rent: A land lease or ground lease is a lease in which the tenant rents and uses the land, but owns the temporary or permanent buildings and other objects placed upon it. According to the real estate law, a parcel of land can be leased by local or foreigner on a long term contract.

The rental of real estate is embodied in written agreements or contracts voluntarily entered into and subscribed by the lessor and lessee thereof, before a public officer designated as the Notary Public of the City or Province where the subject property is located. The real estate rental should follow these guidelines, the Rent Control Act of 2009 which is already signed into Law that would impose a year-long moratorium on rent increases. The new law,Republic Act 9653, will not allow increases in housing rental for a year, and after that, it puts a cap on any increase to only seven percent until 2013.