Pasig City ranked among the top choices for Filipino millennials who search online for rental condominiums, according to data.
While some properties are quite expensive, a condo for rent in Pasig remains a cheaper option this year compared to other cities in Asia, particularly in Hong Kong or Tokyo.
Majority of the Workforce
Recent data showed that a house and lot remains the most popular property type among Filipinos, with 6 out of 10 users searching for horizontal properties. However, the inclination of millennials on condominiums has led the asset class to be an emerging segment. Since young Filipinos represent around 50% of the labor force, it may not be long before condominiums take over as the most common residential property.
Rent-to-own condominiums are a particular favorite among millennials. About 15 million people browsed Lamudi’s website during the previous year, partly because of the company’s tie-up with major real estate developers in the country, such as Rockwell Land.
The price of a condo unit in Pasig or Makati may be a bit high, but average prices in Metro Manila is much lower compared to other cities in neighboring countries. Expatriates in Hong Kong, for instance, pay the most expensive rents in Asia worth $10,461 on average for a three-bedroom unit, according to a survey.
Tokyo ranked with average rates, costing $2,000 cheaper than in Hong Kong. The survey listed Metro Manila as the 10th most expensive place for foreign professionals. Other cities in the top 10 included Shanghai, Seoul, Mumbai, Beijing, Yokohama, Singapore, and Osaka.
Whether you’re an expat or a young Filipino professional, it’s always better to find a rental condo from a legitimate developer. Choose a real estate company with more than 10 years of experience in leasing units in strategic parts of Metro Manila.