Key Factors to Keep in Mind for Renting Property in RAK

Ras Al Khaimah has been gaining popularity among expats and locals for renting property. The leisurely lifestyle and affordable living make it a great alternative to Dubai or Abu Dhabi. However, this increasing demand has resulted in a very competitive rental market. Properties tend to get snapped up quickly, especially in Al Hamra Village and Mina Al Arab. Challenges can be experienced, especially when dealing with an unknown housing market. Mismanaging the purchasing process of a rental investment property can lead to increased pressure, wasted time, and possible monetary losses. But with some planning and the right approach, you can find a property in Ras Al Khaimah that checks all the boxes. So, let's break them down.

Familiarise Yourself with RAK's Tenancy Laws

Ras Al Khaimah has its tenancy regulations, and being familiar with them can save you from future headaches. Unlike Dubai, RAK doesn't use the Ejari system, but leases are required to be registered with the RAK Municipality online. Landlords must provide at least 90 days' notice before increasing the rent.

The Real Estate and Rental Dispute Settlement Committee handles disputes between government-affiliated master developers and third-party tenants. The Courts of Ras Al Khaimah handle other tenancy disputes.

Know Your Budget

Renting doesn't only involve monthly or yearly rent; certain additional costs come with it. Landlords in RAK expect annual rent to be paid through one to four post-dated checks, a common practice across the UAE. It requires financial planning, especially for those used to paying monthly rent elsewhere.

Then there are electricity, water, and utility bills. These costs vary based on the season and the property size. You will also need to pay the security deposit, which is generally one month's rent and refundable if no damages occur. Real estate agents charge a fee of 4 or 5% of the annual rent, another cost to factor in. Knowing all these expenses upfront ensures you won't overstretch your finances.

Choose the Right Location

Each neighbourhood in RAK has a unique vibe, so choose one that aligns with your lifestyle and priorities. You can visit the areas mentioned below at different times of the day. Check out their local amenities and analyse how each neighbourhood aligns with your daily routine and long-term plans.

Al Hamra Village

Al Hamra Village is popular among families and expats who want to live in a resort-like atmosphere. It offers luxury with golf courses, beaches, and community amenities.

Average rent for apartments: AED 36,000 – AED 60,000

Average rent for villas: AED 90,000 – AED 160,000

Mina Al Arab

Mina Al Arab is a waterfront community surrounded by beaches along Sheikh Muhammad Bin Salem Road. It is ideal if you enjoy a quiet, nature-filled environment.

Average rent for apartments: AED 30,000 – AED 70,000

Average rent for villas: AED 120,000 – AED 210,000

Al Nakheel

Al Nakheel offers affordable apartments close to shopping centres. It is a practical choice for budget-conscious renters and features low-rise residential buildings that offer small apartments.

Average rent for apartments: AED 17,000 – AED 45,000

Inspect the Property

Before signing the lease agreement, inspect the property thoroughly. We understand that shifting to a new home is exciting, but don't let the excitement cloud your judgment. Walk through the space and check for visible damages. Test all faucets, air conditioning units, and electrical outlets to ensure they are in working order. Make a list of the existing issues and communicate them to the landlord to avoid disputes when moving out. These simple preventive measures can save you from unexpected repair costs later.

Consider Accessibility and Amenities

Think about your daily routine. Is the location close to your workplace, children's school, or public transportation? Are there supermarkets, gyms, parks, and dining options nearby? A property might look amazing on paper, but it might not be the right choice if it adds unnecessary stress to your daily life. Make sure the location supports the lifestyle you want.

Plan for the Future

When renting a property, think beyond the immediate future. Are you planning to stay in RAK for the long term? If so, choose a home that can accommodate your evolving needs. Can the property accommodate future needs, like starting a family or adopting a pet? Ensure your choice aligns with your long-term goals. Confirm with the landlord whether lease renewals are an option and what conditions might apply.

Conclusion

Renting a property in Ras Al Khaimah does come with challenges, but they are manageable with the right approach. Take your time, do your research, and trust the process. After all, a little preparation goes a long way in ensuring that the keys you hold open the door to the right home for you.