Hive opens its door in Dubai, no penalty on moving out early

A recent co-living space has been built in Dubai, giving people on yearly rental contracts the freedom to move out as per their own will without incurring huge penalties.

A recent co-living space has been built in Dubai, giving people on yearly rental contracts the freedom to move out as per their own will without incurring huge penalties.

In Jumeirah Village Circle, Hive launched itself in late January and is equipped with almost 175 rooms, from studio rooms to four-bedroom apartments.

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The modern apartment block was fully occupied within a week of its opening.

The founder of Hive, Bass Ackermann, stated, “When I first arrived to Dubai in 2012, I was surprised by how outdated the process was to rent a place. Apartments were left unrestricted for you to view, and you would pay in cheques.”

“Hive is the first and only real residential community in Dubai that operates on the ethos of being more collaborative and connected.”

He further said that Hive is a plug and play concept, which means apartments are fully furnished, and residents pay their rent monthly via our dedicated mobile app, including all the bills.

A person who wants to rent an apartment at Hive, developed by ARM Holding, needs an Emirates ID, and a contract will be signed every year, but they can choose to leave the apartment whenever they want, giving notice prior to 30 days.

The norms of the industry are for a landlord to repay when a tenant needs to cancel the contract before its end. The penalty is usually of one and two months’ rent. To get an apartment at Hive, tenants have to pay two months of rent to move in, one of which is a refundable security deposit.

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The size of the apartment and prices vary depending on furniture, size, rooms, etc., studio spaces starting from Dh5500 per month, one-bedroom units at Dh6,500 per month, and three to four-bedroom units starting from Dh4,500 each month per person.

A group of people can share bigger apartments, but everyone has to sign a contract.

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