DEMAND TO rent large residential spaces increased year on year in the second quarter driven by employee housing requirements, online property marketplace Lamudi said.
“The trend remarkably touches different residential real estate niches across different market segments, from affordable condominiums to staff housing down to vacation homes,” Lamudi said in a statement Tuesday.
Companies have turned to large residential spaces near offices and plants for worker housing in response to lockdown mobility constraints during the public health crisis.
Lamudi found that the share of leads for house, condominium, and apartment rental properties priced at P200,000 to P500,000 monthly in Luzon areas outside the capital region and Visayas significantly increased in the second quarter compared to the same period last year. Luzon saw a double-digit hike.
The company did not clarify the types of residential property, or the period covered by each price point.
The share of leads is still above 15% for cheaper condos priced at P5,000 to P15,000 since the first quarter.
“With the return to office gradually picking up, more workers are expected to gravitate towards condo rentals near their workplace to avoid the hassle and health risks associated with long commutes or limited transportation options due to community restrictions,” Lamudi said.
The “workcation” trend for employees working while on vacation also likely supported a more aggressive rental market in the second quarter, Lamudi said, noting that the most-searched cities during this period include travel hotspots in Cebu City, Baguio, Tagaytay, and Antipolo.
Property seekers are also searching in the Siargao, Bohol, Boracay, and Zambales areas.
“Batangas province and Lapu-Lapu City amassed impressive leads growth figures since the first half of 2020. Rentals priced between P5K to P30K represented the fastest growing price range in terms of leads generated,” the company said.
A Colliers Philippines report said that average rent in the Metro Manila secondary market declined by 1.7% in the second quarter as take-up continued to fall, but it expects gradual rental recovery next year supported by an office leasing rebound.
The real estate services firm recorded a demand uptick in low to mid-income properties near transport hubs, while the demand for upscale detached homes outside Metro Manila has also been rising.
“Filipino families (are starting) to prefer larger spaces and gravitate towards less dense communities in key urban areas in northern and southern Luzon,” Colliers said. — Jenina P. Ibañez