Tips for finding an apartment in Pakistan that can save up to 40% on Rent. In this article, we focus on ways you can save on rent by analyzing supply and demand and buying comparable properties. Some of these tips could save you 20-40% on rent if you’re willing to give up a little comfort.
- Move out of season when there is less demand
- Look for older properties
- Look for properties further from the station
- Look for properties with individual bathrooms
- Be flexible with your desired floor plan
- Move-in low season, when there is less demand
Move out of season when there is less demand
Tips for finding an apartment: In Pakistan, the annual peak season for both renters and homeowners is from January to March. This is because most businesses and schools start their fiscal or academic year on April 1. People need to move into their new homes in time to start work or study.
For an owner, all other things being equal, the same property is worth more in peak season, when demand is high. If they manage to block a tenant, they will have secured a steady stream of rental income for the next two years, as the standard apartment lease is for a two-year term. However, some properties (even the good ones!) are overlooked during peak season. June through August is considered the low season to move in.
Landlords who have vacant properties
Most of the people have already moved. In most of Pakistan, with the possible exception of Hokkaido and the northern prefectures, it is very hot and humid in the summer months, so fewer people want to move. If a landlord can’t rent his property during peak season, he should try to find a tenant when demand is much less.
They are also losing income every month that the property is vacant. Landlords who have vacant properties out of season have an incentive to slightly reduce the rent, give a free month’s rent, or give up key money or other rent to rent the property. This is where you, as a renter, can take advantage of lower demand to get a better deal on an apartment.
Look for older properties
Rent levels depend largely on the age of the property. Other things being equal, such as distance from the station or size of the property, there are plenty of other older apartments available or for rent. They are considered less desirable, but you will have more properties to choose from. The difference between supply and demand also means that the monthly rent for this type of property is lower.
Another thing to keep in mind is that many older properties have been renovated. Therefore, the “year of construction” is not always the best indicator of the actual appearance of the apartment or the facilities available.
Look for properties further from the station
Tips for finding an apartment: People generally want the shortest travel time possible, so the closer a property is to the station, the higher the rental level, all other things being equal.
This also applies in reverse: the farther a property is from the station, the lower the rent tends to be. Depending on the season, you’ll see average rental levels drop for properties that are more than a 15-minute walk from the station.
