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Tuesday, September 29, 2015

Can BPO Workers Afford To Rent A Condo?


Wazzup Pilipinas!

With the country’s real estate sector continuously performing well in terms of capital appreciation and rental rate growth, it seems that many Filipinos employed in the business process outsourcing (BPO) industry are quickly becoming priced out of Metro Manila’s condo market.

An analysis conducted by Lamudi Philippines (www.lamudi.com.ph), using data from its 80,000-plus property listings and from real estate consulting firm Colliers International, found that even BPO employees at supervisory and managerial levels would be hard-pressed to afford to rent a condo, let alone buy, in most of Metro Manila’s townships or central business districts. This comes as a surprise, as most of these condos are situated close to BPO offices.

In the analysis, Lamudi used data on average salaries of BPO workers presented by Colliers International in a meeting hosted by SHDA. The data shows entry-level customer care representatives receive on average Php22,500 per month, while supervisors and managers receive Php32,500 and Php75,000 per month, respectively.

Using the 30 percent rule—that is, not spending more than 30 percent of one’s salary on housing—Lamudi found that only those working as managers in BPO firms may be able to afford a condo in select areas in Metro Manila. These areas include Eastwood City, Pioneer-EDSA, Poblacion (Makati), and San Antonio (Makati). The average rents of one-bedroom and studio condos in these areas range from Php19,838 to Php22,563.

Meanwhile, those condos situated in the Ayala Center, Rockwell Center, Ayala Triangle–Apartment Ridge, and Bonifacio Global City are the most out-of-reach for BPO employees. Lamudi data shows that employees must be making, on average per month, Php308,577, Php187,691, Php183,333, and Php155,217 in order to afford even the smallest condos in these areas.

According to Lamudi Philippines managing director Jacqueline van den Ende, the results of this analysis highlights the mismatch between the supply and how much BPO workers can afford.

“It is unfortunate that most of the inventory available now is beyond the means of BPO employees, who will benefit immensely from living close to their work places,” said van den Ende.

Given Metro Manila’s worsening traffic conditions, most BPO employees who live as far north as Bulacan and as far south as Cavite and Laguna will save plenty of time they spend every day on commute. A separate study by the Japan International Cooperation Agency (JICA) shows that traffic is costing the Philippine economy some Php2.4 billion every day on lost income.

Average condo rents and the monthly salary required to afford them, per area and per unit size
AREA/CONDO SIZE (No. of bedrooms)1
 AVE. RENT
 MONTHLY SALARY REQUIRED
Alabang, Muntinlupa2


1
 22,852
 76,172
2
 62,500
 208,333
Ayala Center, Makati


1
 92,573
 308,577
2
 135,934
 453,113
3
 199,457
 664,855
5
 180,000
 600,000
Ayala Triangle/Apartment Ridge, Makati


1
 55,000
 183,333
2
 117,273
 390,909
3
 165,822
 552,738
4
 180,833
 602,777
Bay City, Pasay


1
 26,320
 87,732
2
 47,333
 157,777
Bel-Air, Makati3


1
 29,861
 99,536
2
 51,933
 173,111
Bonifacio Global City, Taguig


1
 46,565
 155,217
2
 88,338
 294,459
3
 160,653
 535,510
4
 185,000
 616,666
Century City, Makati


1
 34,142
 113,805
2
 78,621
 262,070
3
 150,000
 500,000
Eastwood City, Quezon City


1
 22,293
 74,311
2
 32,783
 109,275
3
 39,303
 131,009
4
 90,000
 300,000
Ermita, Manila


1
 27,215
 90,715
2
 48,125
 160,416
Greenfield, Mandaluyong


1
 23,129
 77,096
2
 37,382
 124,606
3
 61,000
 203,333
Legaspi Village, Makati


1
 38,902
 129,673
2
 77,778
 259,258
3
 137,474
 458,245
4
 220,000
 733,333
Malate, Manila


1
 30,568
 101,892
2
 48,145
 160,484
3
 88,000
 293,333
4
 123,000
 410,000
McKinley Hill, Taguig


1
 23,361
 77,871
2
 73,478
 244,925
3
 115,556
 385,185
Newport City, Pasay


1
 34,400
 114,666
2
 45,000
 150,000
3
 76,667
 255,555
Ortigas Center, Mandaluyong–Pasig


1
 30,805
 102,682
2
 66,591
 221,971
3
 97,918
 326,392
4
 213,333
 711,111
Pio del Pilar, Makati4


1
 24,300
 81,000
2
 49,286
 164,285
Pioneer-EDSA, Mandaluyong


1
 19,838
 66,125
2
 28,659
 95,528
3
 51,250
 170,833
Poblacion, Makati5


1
 21,250
 70,833
2
 64,400
 214,666
3
 120,000
 400,000
Rockwell Center, Makati


1
 56,308
 187,691
2
 110,764
 369,213
3
 156,986
 523,287
4
 340,000
 1,133,333
Salcedo Village, Makati


1
 37,703
 125,676
2
 80,139
 267,129
3
 109,409
 364,696
4
 142,237
 474,121
San Antonio, Makati


1
 22,563
 75,211
2
 41,778
 139,259
3
 85,000
 283,333
Notes:
1. ‘1’ refers to both one-bedroom and studio units
2. Includes areas outside Filinvest City and Madrigal Business Park
3. Includes condos outside the Makati CBD along Gil Puyat Avenue, Malugay Street, and Jupiter Street
4. Includes condos along Chino Roces Avenue from Don Bosco Street to Gil Puyat Ave.
5. Includes condos along Makati Avenue but outside Rockwell Center and Century City



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