Rental rates remain high in Cebu

CEBU, Philippines - Rental rates remain high in Cebu despite the increasing supply of residential accommodations set up for rent, this according to a study released by global property website Lamudi Philippines.

The Lamudi study indicated that like Metro Manila, accommodations in Cebu City are a bit costly, the only difference is Cebu has more residential spaces for rent.

Typical for highly urbanized and populated areas, Cebu's residential rental properties, intended for students and young professionals, are largely composed of condominium units.

A rate of P10,000 a month is sufficient for a studio unit in the city, units that usually measure around 18 to 25 sqm of floor area, which makes it possible to house an additional student or two.

Expectedly, housing is costlier at the center of the city, but outer areas like Brgy. Banilad provide affordable options yet remain in good proximity to a number of schools, the study further revealed.

 Meanwhile, Rent.ph, an online rent management portal also revealed that rental demand in Cebu surged in its highest in the recent years, as Cebu is strengthening its grip as second home, investment and educational destination.

In fact, clients both from out-of-town and from abroad are having a hard time looking for residential, commercial, office and warehouse type of spaces for rent, said Rent.ph president Anthony Leuterio.

According to Leuterio, the looming shortage of "for rent" facilities in Cebu pushed some developers to build more office and residential condominiums, as the current inventory are mostly acquired by buyers for personal use.

Office spaces, and warehouses are also among the in demand now, in addition to residential accommodation, he added.- (FREEMAN)