Huge demand registered in Hyd for rented houses

The demand for rented houses in Hyderabad market has increased on a large scale. Compared to the first quarter of this year, the April-June quarter saw the demand going up by at least 22 %. At the same time, the supply of the inventory of rented houses to the market diminished by 2.1 % during the current quarter compared to the supply of inventory to the market in the previous quarter. As a result, the average rent went up by 4.5% in the quarter, according to Magic Bricks rental index report for the period April-June 2023.

Gachibowli and Kondapur are the preferred destinations for those searching for rented homes in various locations. This is attributed to several IT companies are located close to the ORR. The house rents for 2 BHK houses in the most preferred areas of Hyderabad range between Rs 20,000 and Rs 32,000 a month, while the rents of 3 BHK houses varied between Rs 30,000 and Rs 45,000. Many tenants prefer 2 BHK houses over the 3 BHK houses. The share of the furnished houses to the total rented houses is put at 55%. The 1 BHK houses constituted 23% of the total rented houses, while 3 BHK houses share was limited to 20%.

Regarding the supply of rented houses to the market, 2 BHK houses constituted 58%, and 3 BHK houses constituted 25%, while other houses occupied 4%. In fact, 55% of the tenants inclined to take houses on rent with rents ranging between Rs 10,000 and Rs 20,000 a month, while 19 per cent inclined to take houses on rent with their rent ranging between Rs 20,000 and Rs 30,000 a month. The demand for houses with plinth areas ranging between 1000 sft and 1500 sft constitute 50% of the demand for the rented houses. The supply of these houses to the market constituted only 39%.

Nationwide demand goes up by 18%

The real estate portal Magic Bricks has indicated the demand for rented houses across 13 cities of the country during the quarter ending in June increased by 18.1%, while the supply of the rented houses to the market increased by only 9.6%. The house rents have gone up during the period by 4.9%. The statistics is compiled on the basis of information obtained through the Magic Bricks platform from over 2 crore customers and on the basis of their priorities. The house rents in Bangalore went up by 8.1% in the quarter, followed by Navi Mumbai (7.3%) and Gurugram (5.1%). However, the rents have registered a decrease during the period in Delhi and Mumbai. The demand for rented properties gone up to the maximum level in Delhi NCR region by 27.25%, followed by Hyderabad (22%), Mumbai Metropolitan region (18.35%), Pune (19.3%), Bangalore (12.8%).