Finding an apartment or condo for rent in the Philippines can be an exhaustive task, especially if you don’t have all the time in the world. It may not be as rewarding as investing on a real estate that you can call your own, but it’s quite a relief to be able to find the apartment or condo unit that can make you truly at home at the right price.
Apartment, Condo hunting in the PhilippinesThanks to the real estate boom in the Philippines, the rental market can be quite competitive, especially in certain location hotspots like central business districts, townships, or tourist destinations. Urban professionals to starter families are always on the lookout for an apartment or condo unit for rent that is near work, school, or the nearest transport access point (or why not all three?). Vacationers look for short-term rental properties that are inclusive of free amenity access at deals better than a hotel reservation.
So if you find yourself looking to rent an apartment or condo and you need to find it ASAP, take a deep breath. Check out our digestible Guide to Renting An Apartment or Condo in the Philippines.
Know Your Rental LingoKnowing is just half the battle. Knowing what exactly the terms used, especially when you’re negotiating with the landlord or leasing agent, will help you land the deal you want on the property rental you want.
1. LeaseOften confused with the term “rent,” lease, by definition, is a contract between you (the renter) and the landlord or leasing agent about you renting the property being put up for rent.
2. TenantA person (that’s you!) who occupies the property leased out by a landlord or leasing agent.
3. LandlordA person who owns, or is hired to oversee or manage, the apartment or condo being rented out. Sometimes, landlords are also charged with the responsibility of actively looking for prospective tenants.
4. Leasing agentA person who is hired or employed by the homeowner or firm to find tenants for the apartment or condo for rent. Leasing agents in the Philippines are licensed with the Professional Regulation Commission.
5. Leasing agreementThis is the lease in a written, legally binding document. This document will contain all of the terms and conditions related to your apartment or condo rental. The leasing agreement will be legally binding as soon as you and the landlord or leasing agent both signed the document before or on the document’s effective date.
6. Deposit/Security DepositAlso called a “security deposit,” the deposit is a sum that you leave to your landlord or to the leasing agent to secure your apartment. A typical deposit arrangement for an apartment or condo rent in the Philippines is one to two months’ rent. For long-term arrangements, the deposit amount is a whole year’s worth of rent.
The deposit acts as a property insurance against two instances. The deposit is kept by the landlord or leasing agent throughout your lease term to cover for any damages (incidental or not). The deposit also acts as a collateral to prevent you from leaving in the middle of your lease term.
7. Semi-furnishedThis is a term described to an apartment or condo rental that is furnished with the basic big pieces of furniture (sofa, bed, dresser and table and chairs). Some semi-furnished rentals also come in with other small appliances or decorative pieces. It can either be offered as a package with the advertised rental fee or as an option you can avail at a premium.
8. Fully-furnishedThis is a term described to an apartment or condo rental that is furnished with everything as if the future tenant can move in at any time. It can either be offered as a package with the advertised rental fee or as an option you can avail at a premium.
TIP: If you ever find yourself renting a semi-furnished or a fully-furnished unit, make sure to conduct an inspection with your future landlord to avoid future arguments about the condition of the furnishings and fixtures (and further deductions on your security deposit). This is also applicable for a bare but new unit.
Here’s a punchlist you can use.