Makati City is the country’s premier business district comprised of both the commercial and real estate industries and the forerunner in leading the country’s economic powerhouse. Much of the city’s robust economic growth has focused in the commercial and residential sectors comprised largely by the high number of convenience stores, restaurants, and amusement places found at the heart of Makati’s economic structure. This was caused by the shift in the manufacturing industry for the last couple of years to other areas inside and outside of Metro Manila. The Central Business District alone, owned by the Ayala family, is home to the top 1,000 corporations in the country providing countless of employment opportunities that also boosted the real estate industry, which can be attributed much from the influx of both investors and corporate employees.
Makati’s primary goal is to provide its residents more employment opportunities in the form of several employment assistance programs provided by the city such as job fairs, government internship programs, providing employment to students, senior citizens, and persons with disabilities. The increasing number of investors seeking business opportunities in Makati’s CBD can also account to the surplus of workers flocking to the city. As more and more business and corporate offices sprung up in the district, the demand for residences that will cater to the employees also increased.
The neighboring barangays surrounding Makati’s Central Business District are the prospects for future land developments which will cater to the growing influx of city employees who will prefer renting near their workplaces than commute to and fro from their homes to work and vice versa especially if a majority of them live in the provinces or other cities in Metro Manila. Thus, a great number of Makati’s residential homes have converted to offer bed space and lodging opportunities to employees.
The rise of high-end properties for sale and for rent in Makati is proof that the country’s level of incomes is also increasing, which will validate the city’s maturity in terms of a steady market and economic growth. Though the district promotes a cosmopolitan lifestyle, various real estate projects offer several opportunities for residents of all economic classes as part of the city’s effort to include its residential communities outside the CBD in the commercialization and urbanization growth. These neighboring communities offer renting opportunities to lower-middle income residents depending on the amenities offered, the condition of the building, as well as its proximity to the CBD.
The average rental demands in Makati City range from Php 10,000 – Php 24,999 to Php 25,000 – Php 44,000 every month.
A large portion of Makati’s CBD renters is composed of expatriates and young professionals. It is, therefore, without a doubt, that studio unit or room for rents became popular in the neighborhood. There is a rising number of expatriates who prefer fully-furnished apartments and condo units for rent allowing them to settle in conveniently especially if staying in the country for a short of a period of time.
For an unmarried, single, and young professional, it is more cost-efficient to rent a room that is situated near the CBD with the option to commute by taking one ride or walking going to work and coming home. There are also condominiums and apartments that are being offered to suit the living preferences of an average employee. But there are several factors to consider when it comes to renting condominium units or apartments such as the yearly increase, utility payments, and payment of association dues to be able to use the building amenities such as the elevators, parking slots, etc.
For room renters, one disadvantage is sharing the common areas at home with other renters or the landlord and his/her family which include the comfort room, kitchen, and living room. Some landlords also have a curfew for their boarders or bed spacers, which can be a bit of a hassle when working overtime and coming home late in the evening. On the one hand, the advantages of room renting in communities that offer bed spacing and lodging services are saving more on transport expenses and having several options when it comes to laundry services and small restaurants appropriate for those who will be renting on a limited budget.