Dubai-based real estate firm, Keyper, has launched an innovative rent-now-pay-later (RNPL) service, aimed at transforming the UAE rental market. The RNPL Marketplace allows tenants to spread rental payments over 12 months rather than making a single upfront payment for the year.
Keyper’s platform curates a selection of premium properties from top real estate agencies across Dubai, all pre-approved for RNPL. This ensures tenants have access to a diverse range of properties tailored to meet their varying needs.
A New Approach to Renting in Dubai
Unlike traditional real estate platforms, Keyper offers all listings pre-priced for 12 monthly instalments, enabling a fully digital, user-friendly rental experience. The platform is designed to solve the financial burden of large move-in costs that many UAE tenants face.
Through this service, tenants can avoid the need for substantial upfront payments, opting instead for manageable monthly payments. This helps tenants to maintain better control over their finances, while also offering an effortless, end-to-end digital experience—from property search to lease agreement finalisation.
Benefits for Landlords
Landlords, on the other hand, have the flexibility to receive their annual rent upfront, while tenants can pay in monthly instalments using credit or debit cards. This model bridges the gap between traditional rental expectations and modern financial management, allowing real estate agents to close deals more efficiently without requiring landlords or tenants to adjust their preferred payment terms.
Mutual Benefits for All Parties
Omar Abu Innab, Co-Founder and CEO of Keyper, highlighted the service’s ability to fulfill both tenant and landlord needs. “Tenants now have the flexibility to pay monthly with their credit cards, which has been a long-standing request, while landlords receive their payments upfront—a scenario many landlords have always desired. This marketplace also helps us to close deals faster, as Keyper effectively resolves the payment term dilemma. It’s a win-win for everyone involved,” he said.
Expanding Inventory and Future Plans
Keyper’s RNPL Marketplace is designed to offer tenants high-quality rental options while ensuring a top-tier service experience. Properties listed in the marketplace were carefully chosen to meet the growing and diverse demands of Dubai tenants.
Abu Innab emphasized the importance of modernizing the rental process, stating, “By allowing monthly payments, we’re not only easing the financial burden for tenants but also streamlining the rental experience for the digital age. This launch marks a significant milestone in our mission to modernize property renting and ownership in Dubai.”
Aligning with Government Strategies
The RNPL Marketplace is positioned to make a lasting impact on Dubai’s real estate sector. By digitizing rent payments, Keyper aligns itself with the Dubai Government’s Paperless Strategy, setting new standards for convenience and accessibility in the rental market.
While the marketplace currently operates in Dubai, Keyper has plans to expand the RNPL service to other UAE cities, including Abu Dhabi. Additionally, the company is looking to grow its rental inventory by partnering with more leading real estate agencies to continually meet the evolving demands of UAE tenants.
Published On: 24 Sep 2024
Source: https://www.arabianbusiness.com/industries/real-estate/every-landlords-dream-dubai-real-estate-firm-launches-rent-now-pay-later-financing-allowing-tenants-to-pay-in-12-instalments
