Rent in Makati can get very expensive, and all of that financial stress on just one person’s wallet can be difficult to manage. As property prices continue to rise, the amount that needs to be paid can only increase. There are more people looking for apartments than there are apartments available, according to some statistics. This means that, for someone who does not want to live with his parents, finding a way to split the rental fees is the most affordable way to live. However, it is understandable that there are people who are skeptical about this idea.
Co-renting defined
A Makati apartment can be co-rented by two friends or colleagues – that is, two tenants are splitting the rent. This is the core benefit of such an arrangement. With two or more people agreeing to split the cost of the rent and utilities equally, sharing rent in Makati presents a significantly lesser burden on each of them rather than attempting to pay for these costs alone. This reduction in cost allows people to afford apartments in locations that would otherwise be completely out of their price range. Premium space can be shared with as many tenants as the building manager will allow, splitting the costs many ways.
The benefits of co-renting
The reduced cost also allows people to save more money. For those looking towards a long-term purchase of a home or office in Makati, this means that there is a little more money per month that can go towards that goal. Depending on the situation and the rental agreement, rent payments could also potentially go towards the purchase of the apartment in question. It is rare to co-rent an apartment under a lease option contract, but it is possible.
The risks of co-renting
The main problem with co-renting Philippine real estate is the financial stability of the other parties. The more people renting a particular place, the higher the risk of one of them being unable to pay. As much as possible, people who wish to rent in Makati should look for others who are not only employed but have stable jobs. It does no good if the other person can pay the first few months of rent but is unable to provide for his share in six months’ time.
The other major detriment towards this endeavor is whether or not the people involved can get along with one another. If one is fortunate enough, it is possible to enter these agreements with friends. However, in many cases, this would be an impossible arrangement. Both parties would then need to learn to respect each other and get along. This is not always an easy process, and this really can prove the most difficult part of co-renting.
Sharing rent in Makati can be an interesting social experience. The savings it can bring in terms of rental fees could go a long way towards a future purchase or simply allow people access to living space they would not be able to afford otherwise. It is a viable option, though not one without risks.
