In the Philippines, most young professionals and college students stay in rooms for rent. With affordable rates and convenient payment terms, rooms for rent are a go-to for people on a budget.
Data from the Philippine Statistics Office as of October 2018 reveal that minimum wage earners have a salary ranging from US$169.99 to US$287.24 or PhP8,829.45 to PhP14,919.53. Thus, it is more practical for workers earning at this level to rent a room instead of a more expensive apartment, condominium, or house. This is especially true for young people who, at this point in their lives, are not yet thinking about having a stable home for a family. Location-wise, the flexibility that rooms for rent offer allow renters to move from one place to another as they find the best place to stay in. Having no advance payments and security deposit work best for young people who have yet to find the ideal place for them that suits their job and lifestyle.
The convenience of rooms for rent
Finding a room for rent in the Philippines is easy. Rooms for rent can be found almost everywhere, and are almost always located near schools and offices. Homeowners who decide to lease out a room in their house simply put up signs saying “rooms for rent available.” Rooms for rent in the Philippines are also relatively cheap ranging from PhP1,500 to PhP8,000 pesos with no advance payment and security deposit. One can also find rooms for rent online using real property listings and Facebook Marketplace.
The furnishings of rooms for rent are not as grand as apartments or condominiums but are enough to meet a young person’s basic needs. However, there may be times where people who rent rooms for rent have to pay for repairs and addition furnishings not provided by the owner.
Leasing a room is also very fast as they usually don’t involve signing a written contract. The homeowner usually stays in the same house and is typically the one personally collecting at the end of the month. Lease terms are usually lenient, and at most times, homeowners don’t ask for security deposits and advance payments. There are even landlords who allow lessees to pay their rent at a later time.
What to consider when renting
When looking to rent a room for rent, it is essential to assess the room’s viability, price, and owner. Most importantly, one has to consider the security of the area since most of these are found inside homeowners’ homes. When looking for a room for rent, consider these tips below.
- Compare prices and locations. Before committing to a lease, have several options ready at your ideal price point and location. Do an ocular inspection and see how close it is to areas you need access to, like restaurants, supermarkets, convenience stores, banks, hospitals, and the like. Walking around the neighborhood will also help you evaluate the transportation options available to you if you decide to rent the room.
- Set a budget. Narrow down your options by calculating the maximum amount you are willing to pay for a room. This way, you will focus your time and effort on rooms that realistically fit the budget you have in mind. A good rule of thumb in personal finance is to have rental expenses at 30% of your monthly income.
- Figure out your needs. There are rooms for rent for only one occupant, while there are others which allow you to share the room with a roommate or two. Rooms also have different amenities like airconditioning, landline access, laundry area, and the like. Some landowners impose a curfew for renters or impose a male-only or female-only renter policy. Make a checklist of features that are non-negotiable to you and those you can do away with to help in your decision-making.
Rooms for rent are a dime and a dozen, so finding one shouldn’t be a problem. With these guidelines in mind, you’ll be able to determine whether the room you had in mind is a great fit for you.