Online property portal Lamudi said demand for luxury residential properties for rent is growing in Luzon and in the Visayas.
Queries for rental properties in the range of P200,00 to P500,000 increased throughout the pandemic, Lamudi said.
Lamudi said in areas outside Metro Manila in Luzon, the share of leads for properties for rent within the P100,000 to P200,000 range increased in the second quarter compared to last year.
“The same trend was observed in Metro Manila and in the Visayas, with the lead share for properties within the same range posting slight gains from second quarter 2020 to second quarter 2021,” it said.
Lamudi said demand for affordable rent in Metro Manila posted a gradual recovery, particularly in the P5,000 to P15,000 range. This market showed quarter-on-quarter gains since the third quarter of last year, and has sustained a more than 30 percent share in queries since the first quarter of 2021.
“For those not quite ready to purchase their own property yet as well as for many not based in the metro, renting remains to be the more immediately accessible option. With renters worried about co-living in high-density spaces during a pandemic, property sellers can leverage amenities such as study and work stations, open air leisure facilities and updated safety measures to ease any concerns,” Lamudi said.
Lamudi said “rent- to- own” was the top searched non-location specific term on its site for the first half of the year.
Areas such as Ortigas avenue, West Rembo and Western Bicutan were the primary rental markets between the first quarter last year and the second quarter of this year.
Lamudi said queries for properties in leisure destinations such as Ilocos Norte, Siargao, Palawan and even Boracay are also increasing.
“Provinces have recognized the demand from many young professionals to work from scenic places with plenty of outdoor amenities long term, and in the case of Ilocos Norte, have even incentivized for entrepreneurs and remote workers to put up shop on their shores,” it said.
Lamudi said some of the most sought-after cities overall in the second quarter were renowned leisure destinations or cities with easy access to nature.
“Baguio, Tagaytay and Antipolo joined Quezon City and Cebu City in the ranks as the cities which attracted the most searches overall from property seekers,” it said.
