In this article, we are exploring the rent prices of apartments in Achrafieh - both furnished and unfurnished apartments. We have interviewed 4 agents in JSK Real Estate with a focus on Achrafieh and probed them in details about the residential real estate rental market.
Demand in Achrafieh is high
As per Zeina, team leader of Achrafieh at JSK Real Estate, demand for residential real estate is high in Achrafieh. We receive daily a high number of calls from clients looking to rent in Achrafieh between 1 and 3 bedrooms. Majority of the demand is for furnished apartments even though we have at least 25% of our requests for non-furnished apartments. All areas in Achrafieh are in demand but namely Gemmayze/Mar Mkhayel, Furn El Hayek and Sioufi.
Rent in Achrafieh is in Cash USD
As per Eloy, agent at Achrafieh agency at JSK Real Estate, all rent are of course in Cash USD. We deal mainly with long-term rent that is one-year rent and above. Most rent deals does not include maintenance and utility - as in the tenant has to pay additionally maintenance and utility (electricity mainly) on top of the quoted rent. We have rent starting from $600/month to $3,000/month and above - depending on the location and quality of the apartment requested. At JSK Real Estate, we cater for all budgets and hence we have apartments available for rent with different budgets.
Rent prices went up in Achrafieh
If you compare the rent prices of apartments today vs. early 2022 - we estimate that rent prices have increased by an average of 15% - as per agent Rod at JSK Real Estate - Achrafieh Agency. I have the example of a 3-bedroom apartment in sioufi that was rented for $550/month - contract signed in dec 2021. In the very same building, a 2-bedroom apartment was rented for $700/month - contract signed in October 2022. Just to give you an idea about the rent price increase in the past year.
It has always been considered a good investment to buy an apartment in Achrafieh and to rent it. We estimate that rent ROI are in the vicinity of 3% at the moment in Achrafieh (reminder that sale prices of apartments in Achrafieh have gone down in real cash $ since the monetary crisis). Rent provides a good flow of cash $ for owners who are unwilling to sell nowadays in what they consider low sale prices when compared to prior oct 2019.
