Here's How Tenants Can Rent Apartments Now and Pay Later in Dubai

A major comfort for many expatriates who have previously had to pay their rent in full, Proptech startup Keyper is introducing a "rent now pay later (RNPL)" scheme for Dubai residents. 

Keyper, which manages 1,500 units and holds a property management license from the Dubai Land Department, will offer to pay renters' annual rent to landlords in advance at a discounted rate, simplifying their cash flow and removing the chance of defaults.

Tenants will be able to spread out their rent payments over a 12-month period owing to the new RNPL platform from the digital real estate investment management platform Keyper.

 

 

 

 

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Dubai residents often pay their rent two to twelve months in advance with one to six postdated cheques.  For a period of up to a year, Keyper is providing rent-specific funding support which is set to launch in July this year.

Omar Abu Innab, Co-Founder & CEO of Keyper said in an interview with Arabian Business, “Cheques are archaic – it’s the 21st century. The only time you actually use your checkbook is to pay your rent or deposit the rent.”

“We are taking that away and allowing you to pay by credit card today and, over time, we will also allow direct debit as well,”  he further added.

The platform will likely help landlords retain more tenants and see a decline in default rates. The danger of missing or late payments is decreased by the easy monthly rent payments made using the tenants' credit cards.