Dubai Residential plans to let eligible renters divide the first annual rent installment into smaller payments, giving tenants another way to manage a large bill, Gulf News reported.
The partnership with UAE-based fintech company Rentify would span Dubai Residential’s 22 communities, which together have more than 146,000 residents, the report said. It would be open to new renters and people extending existing leases, subject to eligibility. For tenants who owe rent in four equal installments each year, the service would apply to the first annual installment; new renters could choose it when signing their contracts.
Those using the option would make smaller payments using credit cards issued by select banks. Dubai Residential has not identified the participating banks, according to Gulf News. The report also said the companies have not provided the number of payments a tenant could make, the repayment period or exact charges. Rates and eligibility rules would affect access.
For tenants, the arrangement may reduce the amount due at once for the first scheduled installment, but applicable charges and repayment conditions will affect the cost. Neither the size of any fee nor the payment schedule has been disclosed. Gulf News reported that the service would supplement Dubai Residential’s existing payment methods.
Ahmed Al Suwaidi, managing director of Dubai Residential, presented the partnership as a response to residents’ changing payment needs, Gulf News reported. The company also offers digital rental services through its app, including lease renewals, rent payments and maintenance requests. Residents can arrange move-in or move-out services and update personal details through the application, the report said.
Rentify Co-Founder and CEO Rashed Hareb Al Mheiri said tenants are seeking more options for handling payments, according to Gulf News. The report did not specify when the service would become available to individual tenants or explain how they can apply.
