Rents within the residential market in India elevated 4% quarter-on-quarter for the three months ended March 2022, signalling an enchancment within the rental housing market with places of work opening and other people returning to their base work areas.
According to a report by Magicbricks, searches for rented lodging in India elevated 15.8% sequentially and 6.7% year-on-year in January-March 2022. Moreover, the cumulative rental housing provide or the listings for properties on lease elevated 30.7% q-o-q and greater than doubled on a y-o-y foundation throughout the 13 Indian cities mapped by the actual property portal.
Around 45% of the tenants most popular two-bedroom, corridor and kitchen residences, adopted by 3BHKs at 31% and 1BHK at 19%. According to the report, most tenants most popular semi-furnished residences, with 53% posting that as a alternative in multi-storey buildings.
In phrases of searches for rented lodging, Gurugram, Delhi, Noida, Bengaluru, and Ahmedabad registered a sequential progress of 33.5%, 27.8%, 21.4%, 19.4%, and 17.6%, respectively. Navi Mumbai, Thane, Pune, Mumbai, and Chennai noticed most progress in property listings at 40.9%, 40.9%, 38.1%, 37.6%, and 36.3%, respectively.
Sudhir Pai, CEO, Magicbricks, stated, “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. 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.”
Educational establishments reopening meant that many households and school/ college college students additionally began returning to the metros, he stated. “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.”
The report concluded that there’s a rise within the demand for rental housing close to employment hubs and academic establishments.
Source: www.financialexpress.com”