In January-March 2022 (Q1 2022), whole rental housing demand (searches) in 13 Indian cities jumped by about 15.8% quarter on quarter (QoQ) and 6.7% yr on yr (YoY), whereas the cumulative rental housing provide (listings) elevated 30.7% QoQ and 101.5% YoY throughout the cities mapped, reveals Magicbricks’ India Rental Housing Update.
The search volumes in Gurugram, Delhi, Noida, Bengaluru, and Ahmedabad witnessed the very best progress of 33.5%, 27.8%, 21.4%, 19.4%, and 17.6% QoQ, respectively. On the availability entrance, Navi Mumbai, Thane, Pune, Mumbai, and Chennai witnessed the utmost progress of 40.9%, 40.9%, 38.1%, 37.6%, and 36.3%, respectively. The provide of rental items witnessed a significant hike as a consequence of completion of under-construction properties, which had been affected because of the pandemic.
The rental housing demand improved throughout the most important Indian cities in opposition to the backdrop of a milder third wave of the Covid-19 pandemic because the reopening of many places of work resulted in lots of workers coming back from Tier 2 and three cities.
The pan-India rental charges witnessed a progress of 4% QoQ, displaying improved energy of the rental housing market within the nation. The rental charges in Mumbai noticed an upward motion of 4.5%.
According to the report, most tenants (45%) desire 2 BHK, adopted by 3BHK (31%) and 1 BHK (19%) configurations. They additionally desire semi-furnished (53%) residences in multistory (69%) buildings.
Commenting on the identical, Sudhir Pai, CEO, Magicbricks, mentioned, “With a milder-than-expected Covid-19 third wave and extensive vaccination drives, many offices had rolled out hybrid working plans from the beginning of this year. They started with bringing employees back to the office at least two to three times a week. As a result, many employees returned to the metros from their hometowns, and the rental housing market saw a sharp demand recovery in the first quarter of the year.”
“Further, with educational institutions also opening up, many families and college/university students also started returning to the metros. We expect this trend to continue for the next few quarters as offices move towards higher occupancies and operations, leading to an improved rental housing market as well,” he added.
The report concludes that there’s a rise within the demand for rental housing close to employment hubs and academic establishments as individuals return to metros with faculties and places of work opening up.
Macro developments noticed from Magicbricks’ India Rental Housing Update, Q1, 2022:
* In Q1 2022, the mixture demand (searches) throughout the 13 cities elevated 15.8% QoQ and 6.7% YoY. Gurugram, Delhi, Noida, Bengaluru, and Ahmedabad registered a progress of 33.5%, 27.8%, 21.4%, 19.4%, and 17.6% QoQ, respectively.
* The cumulative provide (listings) elevated 30.7% QoQ and 101.5% YoY, with Navi Mumbai, Thane, Pune, Mumbai, and Chennai observing most progress of 40.9%, 40.9%, 38.1%, 37.6%, and 36.3%, respectively.
* The pan India rental charges elevated 4% QoQ, alluding to enhancements within the rental housing market of India.
* 45% of tenants desire 2 BHK, adopted by 31% and 19% for 3BHK and 1BHK, respectively. Greater Noida, Hyderabad and Mumbai are the one cities the place greater than 50% tenants are searching for 2 BHK configurations.
* 37% of tenants in main cities desire properties throughout the rental value of INR 10,000 – 20,000 monthly adopted by 23% for INR 20,000 – 30,000 monthly, with 40% of the rental provide throughout the value vary of INR 10,000-20,000 monthly.
* 53% of the tenants in main cities desire semi-furnished rental properties adopted by 32% and 15% for unfurnished and totally furnished properties, respectively.
* 69% of the whole provide is for multistorey residences adopted by 15% and 14% for impartial homes and builder ground residences, respectively.
Source: www.financialexpress.com”