Sharjah rents stay affordable despite 2024's 15-25% hikes in prices

Post by: Bandan Preet

Sharjah apartment rents have seen a rise of 15%-25% in 2024, but the city still offers some of the most affordable rental prices in the UAE. Despite the rent increase, many landlords are working closely with tenants to keep the changes reasonable and to maintain a good relationship. Tenants have accepted these rent hikes, even when some landlords increased rents by double digits. Estate agents also point out that landlords have communicated the higher demand for apartments, giving tenants enough time to decide whether to renew their leases or look for a new place.

Recently, Dubai made it a rule for landlords to give tenants at least 90 days’ notice before increasing rents, which became possible after Dubai introduced a real-time digital rental index. While Sharjah has not yet introduced a similar system, it is expected to consider it soon.

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Estate agents who work with multiple residential buildings in Sharjah have noticed that the rise in rent prices has been gradual. They say tenants were worried about sharp rent increases, similar to what’s happening in new buildings. However, landlords have not raised rents too much to match those in new developments. This gradual increase has attracted many new residents to Sharjah, especially people who work in Dubai but choose to live in Sharjah because of its more affordable rents.
As a result, occupancy rates in both new and older buildings in Sharjah are at an all-time high. Apartments are being rented out quickly, with most empty units staying on the market for just a week or two.

According to a 2024 report from Asteco, which reviews the UAE property market, rent for one-bedroom apartments in Sharjah has gone up by an average of 24%. For two-bedroom apartments, the rent has increased by 25%. Last year, the rent increases for both one- and two-bedroom apartments were lower, at 12% and 10%, respectively. Three-bedroom apartments saw an increase of 17% this year, compared to a 9% increase last year.

Looking at specific areas in Sharjah, one-bedroom apartments in neighborhoods like Al Majaz and Al Nahda now have average rents of Dh29,500 and Dh30,500 per year. In Al Khan, near Al Mamzar, one-bedroom rents go up to Dh35,000, while in Rolla, it’s about Dh21,000. For two-bedroom apartments, the rents in these areas are Dh40,500 in Al Majaz, Dh38,500 in Al Nahda, and Dh26,500 in Al Khan.

The rent increase has also been linked to more people moving from Dubai to Sharjah and other Northern Emirates like Ras Al Khaimah and Ajman. This trend is driven by the lower rents in these areas, along with improvements in infrastructure, better buildings, and more flexible work arrangements.

Despite the rent increases, landlords in Sharjah have not rushed to increase rents in older buildings. Even in buildings that have been renovated or upgraded, the rent increases have been kept reasonable for tenants. While some tenants may feel that they are being charged higher than the average market rent, these cases are rare.

Overall, even with the rent hikes, Sharjah remains an affordable option for many people looking for a place to live, especially when compared to neighboring cities like Dubai. Landlords and tenants in Sharjah are continuing to work together to ensure that the rental market stays balanced and fair for everyone.

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