Dubai Residential Partners With Fintech Rentify to Let Tenants Split Rent Instalments

The deal brings instalment-style rent financing into one of Dubai's largest residential portfolios. Paying rent through a handful of large cheques remains standard in the emirate, and that ties up a lot of cash at once for many households. The portfolio includes Bluewaters, City Walk, Nad Al Sheba Villas, The Gardens, Garden View Villas, Remraam, Layan, Ghoroob and Shorooq.

The scheme is narrower than its headline suggests. Tenants who already pay annual rent in four equal instalments can use Rentify to split only the first of those instalments into smaller payments, according to Gulf News and Khaleej Times. New tenants can choose the option when they sign a lease, and existing residents can choose it when they renew. Gulf News gave the example of a tenant paying Dh80,000 a year in four instalments, who would normally owe Dh20,000 on each due date. Under the scheme, that first Dh20,000 payment could be broken into smaller amounts, subject to Rentify's terms.

Payments run through credit cards issued by selected banks, and eligibility conditions and rates apply. The companies have not named the participating banks. They have not said how many payments the first instalment can be split into, how long the repayment period is, or what the service will cost. Gulf News said the announcement mentions competitive rates without giving figures, and does not say when individual tenants can start using the service or how to apply.

The option is in addition to Dubai Residential's existing payment methods. Residents can already renew contracts, pay rent, request maintenance and arrange move-in and move-out services through the company's mobile app.

"Partnering with Rentify reflects our commitment to making the rental journey simpler, more flexible and increasingly digital, while responding to the evolving needs of our residents," said Ahmed Al Suwaidi, managing director of Dubai Residential.

Rashed Hareb Al Mheiri, co-founder and chief executive of Rentify, said renters' expectations were changing. "Expectations around renting are changing, with residents increasingly looking for greater choice and flexibility in how they manage their payments," he said, according to Gulf News. Rentify co-founder Rajneel Kumar said technology and financial services could make renting more convenient for both tenants and property owners, Khaleej Times reported.

For tenants, the cost of using the service will depend on the terms Rentify and the card-issuing banks set. Those terms are the main detail still missing from the announcement.