Affordable Rent to Own Condo in Pasig
With a population of 755,300 as of 2015, Pasig City emerged from being a quaint rural settlement to a thriving commercial locality touted as 1st class when it comes to highly urbanized cities in the metro. The Ortigas Center is the city's business district housing several residential and commercial buildings and some notable offices located in Pasig are the main headquarters of Meralco, the Department of Education, San Miguel, and the Integrated Bar of the Philippines.
There are a variety of rent-to-own condo’s in Pasig. In 2016, one-bedroom units were typically sold for an average price of Php3.45 million, while two-bedroom units had an average priced of Php5.27 million. Via a rent-to-own arrangement, units such as these have become easier to purchase for Pasig home seekers.
Prior to its renaissance as a highly commercialized city, Pasig main industry was agriculture. The then-town heavily produce rice, sugarcane, and fruits during colonial and post-colonial Philippines, which was helped by the rich soil of the Pasig River floodplain.
Ortigas Center, one of the country’s leading business districts, is where much of Pasig’s modern economy is concentrated. Multinational institutions like the Asian Development Bank (ADB) is located in the city. The trading floor of the Philippine Stock Exchange is found along ADB Avenue. Other companies and institutions like San Miguel Corporation and the Integrated Bar of the Philippines call the city their home.
A number of notable local and international schools in are also located in Pasig. These include The University of Asia and the Pacific, Pamantasan ng Lungsod ng Pasig, St. Paul College, and La Consolacion College are its leading colleges; while Rizal High School, Pasig City Science High School, Saint Gabriel International School, and Domuschola International School are some of its notable schools for basic education.
Rent to Own Condo in Pasig: Overflowing real estate growth
With its outstanding growth the past decades, Pasig continues to draw great interest as a place to work, invest, and reside.Real estate development in the city, quite naturally, has grown too.
Understandably, the concentration of new condominiums and homes for rent or for sale have commonly been in city’s more commercialized areas (i.e. Ortigas Center) or those that are closest to important transit points like C-5 Road and Epifanio de los Santos Avenue (EDSA).
While residential, the barangays of Bagong Ilog, Ugong, San Antonio, Oranbo, and Kapitolyo are also widely commercialized areas, resulting in condos being the a common home type in the area..
Despite of the growth of residential buildings in the areas mentioned above, a barangay’s population also serves as a sign of condominium availability. In Pasig, the most populated barangays, Pinagbuhatan and Manggahan, feature condos which can rival the options in more known areas like Barangay Ugong.
Among the most common options for rent-to-own condos are those which can be rented below Php25,000 per month. Among the most affordable is one-bedroom, one-bath condo in Barangay Pinagbuhatan listed for a rate of Php10,000 per month. This 32 square-meter condo is wide enough for its cheap price. For double that rate is another rent-to-own condo featuring one-bedroom, and one-bath condo, and a floor area of 24 square meters. While similar in features, its location in the Barangay San Antonio, the second richest in Metro Manila, has resulted in its significantly higher rent-to-own rate.
There are other condos for rent that can be rented out between Php10,000 and Php20,000. A Php2.5 million condo in Barangay Manggahan can be rented out for less than Php20,000 a month at a wider space of 40 square meters. In Barangay Ugong, on the other hand, is a Php2.1 million 61-square-meter condo available for Php15,000 per month. It features two bedrooms and two bathrooms.
Like any Metro Manila city, Pasig also has its share of exorbitantly priced properties, even ones that are available to rent-to-own. Along C5 Road in the previously mentioned Barangay Ugong, is a two-bedroom, one-bath, fully-furnished condo that has a total floor area of 74 square meters, and is ready to be leased for Php55,000 per month.
Again, the presence of major roads and commercial joints add to the condo’s value. Bagong Ilog, Orabnbo, and Kapitolyo, like Ugong, also have similar options. New high-rise condos are being built in these barangays as more economic activities spill over to Pasig from Makati and Mandaluyong.
Pasig, a product of the river that flows through it, is no stranger to the ever-increasing flow of business among business districts and commercial centers. In due time, Pasig will take more of the real estate projects the metro is enjoying now as urban population spreads out from the older parts of the megalopolis.
Pasig's Economic Footprint
During the 19th century, Pasig produced sugarcane, fruit, and rice, which are the city's primary financial resources. Fast forward to the 90s until today, the city expanded to warehouses, factories, and commercial establishments. Real estate developments also started sprawling in other areas in the city such as along Mercedes Avenue. The city constitutes of 2 legislative districts and 30 barangays with a per capita income that made it to the top three cities in the Philippines along with Tagaytay and Makati in 2009.
According to a 2012 report released by the National Statistical Coordination Board, Pasig City came in third with a per capita income of Php 8,816. The city's total income runs at Php 10,090,816,480.83 with total expenditure listed at Php 8,073,968,877.25. There are currently 24 operating PEZA registered IT buildings in the city, 257 listed banks, 95 cooperatives, and 112 civil society organizations.
Employment and Commercial Profile
Payscale listed an average of Php 323,125 yearly salary earned by people living in Pasig City for popular job titles such as Customer Service Representative, Accounting Assistant, Operations Manager, Administrative Assistant, Human Resources (HR) Manager, and Web Developer. Industries that are popular in Pasig are under manufacturing, information technology services, and business process outsourcing.
There are several retail stores and food districts located in the city such as Kapitolyo, Mutya ng Pasig Public Market, St. Francis Square, SM Megamall, Capitol Commons, Tiendesitas, and Metrowalk. Another notable development in the area is the Frontera Verde, which is home to several restaurants, a mall, a park, pet shops, office buildings, a village, and a small zoo.
Transportation Network in Pasig
Major roads in Pasig City are Ortigas Avenue, Pasig Boulevard, Julia Vargas Avenue, E. Rodriguez Avenue, Jr. (C-5), Shaw Boulevard, Meralco Avenue, Pioneer Street, Marcos Highway, and Amang Rodriguez Avenue. The city is located at the east end of Pasig River and is accessible through 11 bridges.
These are the C-5 Bridge, the Kaginhawaan Bridge, the Manalo Bridge, the Rosario Bridge, the Sandoval Bridge, the Santa Rosa De Lima Bridge, the Julia Vargas Bridge, the Bambang Bridge, the Napindan Bridge, the Kalawaan Bridge, the Ortigas Bridge, the Manggahan Bridge (Daan Pasig Bridge), the FB Legaspi Bridge, and the Kaunlaran Bridge.
How Does Rent-To-Own Schemes Work?
There are instances wherein renting a condominium is more practical than buying a house such as when having difficulties securing a loan. This is where rent-to-own setups become the best option for both sellers and buyers. It's also called âlease-to-buyâ wherein a prospective buyer agrees to purchase a leased property from the owner after a certain period of time. This can happen within the rental period or upon expiration of the loan.
Both the seller and the interested buyer will settle an arrangement in terms of the monthly rental, the date of purchase, the selling prices, and the interest rate. After drafting the contract, both parties will sign it. One thing to note during rent-to-own schemes, though, is that the selling price is higher compared to the standard market rate.
One reason for this higher selling price is that a part of it will be used to pay the down payment should the lessee push through in buying the property. The lessee will, then, pay the remaining balance through a lending institution. In cases where the lessee decides to no longer buy the property, all of the paid rent will go to the lessor as an incentive for taking out the property out of the listing while it is being rented out.
How Much Does It Cost To Live In Pasig?
The agreed selling price stated in the contract is irrevocable regardless of any increase or decrease in the market price of the property. Rent-to-own condominiums have price ranges in Pasig City from Php6,500 to Php55,000 per month. These prices vary depending on whether the condo units are fully furnished or brand new as well as their locations. Those that are situated in prime locations such as business districts have higher price ceilings compared to those at the outskirts of the city.
What Are The Benefits Of A Rent-To-Own Condo?
Both the buyer and the seller can benefit from a rent-to-own setup. The buyer can live in the property right after signing the agreement while improving the credit score at the same time. A prospective lessee will also get the opportunity to try the property first before purchasing it. For sellers, especially those whose property is in the market for a long time now, they can earn an additional income for paying property and mortgage taxes.
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