News: Rental housing searches in 13 cities grew 15.8% in Jan-Mar quarter: Report-31-05-2022
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NEW DELHI: Rental housing market searches grew 15.8% quarter-on-quarter and 6.7% year-on-year in Q1, 2022 in 13 cities reveals Magicbricks' India Rental Housing Update.
Gurugram, Delhi, Noida, Bengaluru, and Ahmedaba d registered a growth of 33.5%, 27.8%, 21.4%, 19.4%, and 17.6% quarter-on-quarter respectively
The report further observes that the cumulative rental housing listings increased 30.7% quarter-on-quarter and 101.5% year-on-year across the 13 Indian cities mapped. Navi Mumbai, Thane, Pune, Mumbai, and Chennai observed maximum growth of 40.9%, 40.9%, 38.1%, 37.6%, and 36.3% respectively.
According to the report, most tenants (45%) prefer 2 BHK, followed by 3BHK (31%) and 1 BHK (19%) configurations. According to the report, most tenants prefer semi-furnished (53%) apartments in multistory (69%) buildings.
Sudhir Pai, CEO, Magicbricks, said, "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."
The pan India rental rates increased 4% quarter-onquarter, alluding to improvements in the rental housing market of India.
About 37% of tenants in major cities prefer properties within the rental price of Rs 10,000 - 20,000 per month followed by 23% for Rs 20,000 – 30,000 per month, with 40% of the rental supply within the price range of Rs 10,000-20,000 per month.
