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10.04.2012 Corporate Residential Rental Market 2012. New Tenants’ Demands, Old Realities.

2012 first quarter demonstrated high activity level on the corporate residential rental market previously not common for winter months. Corporate clients flow was sustained on a high level throughout January, February and March. Such a positive start of the new calendar year proved right Night Sky Realty experts forecasts on corporate residential rental market growth and implementation of the delayed demand.

Growing number of requests from foreign companies created a firm demand for top properties on the elite residential market. At the same time Night Sky Realty experts point out that the nowadays tenants set rather high requirements both for fundamental property features (location, condition of entrance and staircase, security measures, homogenous environment, best value for money ratio) and even for more specific characteristics (high functionality of space in the apartment, modern style of decoration, natural materials, technical equipment, etc.).

Coupled with a common trend of shortage in high quality residential properties set already in 2011 there is also a problem of moral aging of properties. A lot of apartments that were highly demanded only a few years ago on the pre-crisis market are currently outdated and require modernisation. Foreign clients’ concept about decent apartment has changed with technology development and now outbalances the quality of supply on the residential rental market in Saint-Petersburg.

The basic criteria set by corporate tenants to a rented apartment could be defined as follows:

-          central location

-          good condition of the house and its internal areas

-           modern security system

-          functional lay-out and rational space organisation

-          style-wise neutral but high-quality renovation

-    full technical equipment availability which includes  air-conditioning system and water purification system

-          ready-made parking solution

How do the newly defined preferences of corporate tenants effect the current market of corporate residential rent? According to Night Sky Realty specialists discrepancies between the main residential properties’ supply and the corporate tenants’ needs lead first of all to a significant differentiation in rental rates for different objects. Secondly house hunting turns into a highly time- and energy-consuming process in which professional consultants play increasingly important role. When working with experienced real estate brokers the client receives integral and up to date picture of the residential rental market, and the extensive database allow to find an apartment as close to the client’s requirements as possible.

If you would like to get more information on how to adapt your apartment towards the needs of modern corporate tenant and make it as marketable as possible, please contact Night Sky Realty Corporate Residential Rental Department via phone +7(812)333-15-15 or mail at info@nightskyrealty.ru