Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Rental Housing Demand Surges Amid Offices And Schools Reopening

Top Indian cities are experiencing an average rent appreciation of over 12 per cent over last year. The high-demand areas are witnessing an increase in the range of 15-20 per cent in Bengaluru, while for Mumbai, Pune, Chennai and Hyderabad, it is between 12-15 per cent.

Photo Credit :

1612172722_x7zGsP_affordable_housing_RS.JPG

The mass exodus witnessed at the start of the pandemic two years back seems to be coming full circle as offices and schools reopen. Properties are getting rented out within six hours of being listed, a trend observed by proptech firm NoBroker.

“Thousands of rental owners are closing deals in less than six hours after posting the advertisement, as professionals are flocking back to their work cities,” noted NoBroker.

The firm said that properties rented out within six hours of being listed have registered three-fold year-on-year growth in the last three months, with Bangalore witnessing a five-fold growth.

Giving a city-wise breakup of new properties being rented out, the firm highlighted that its platform witnessed 18,000 properties rented out in Bengaluru in less than 24 hours post listing. For Mumbai and Chennai, the figure stood at 7000-8000 closures, while for Pune, it was 5000, and Hyderabad at 4800 closures.

“With all companies adopting a hybrid policy with respect to working from office, employees will spend a lot of their time at home. This has translated into massive demand for apartments in gated communities with amenities such as power back up,” the firm noted.

“It is mind-boggling to see properties getting rented out in a few hours. Tenants who wait for the weekend to make house visits are often shocked to know that the property is gone now. High-demand societies are seeing a 10-15 per cent uptick in rental value. Opening of schools and offices has had a dual effect in terms of how tenants have returned to metro cities,” said Amit Agarwal, CEO and Co-founder, NoBroker.

Top Indian cities are experiencing an average rent appreciation of over 12 per cent over last year. The high-demand areas are witnessing an increase in the range of 15-20 per cent in Bengaluru, while for Mumbai, Pune, Chennai and Hyderabad, it is between 12-15 per cent.