Rentals on the rise

The demand for rental properties in Hyderabad is increasing annually and is put at 42 percent, while the availability of rented premises has spiked by 9.4 percent. On a quarterly basis the rents have shot up by 14.3 percent as migration of people to Hyderabad is on the rise in search of livelihood. The share of 3BHK houses in the total demand is put at 45 percent, while that of 2 BHK houses is 40 percent. The people looking for rented premises increased by 29.4 per cent in the second quarter of current fiscal year, annually the growth is put at 84.4 percent, according to a popular website.

Across the country, among 13 cities, the availability of rented houses increased by 3 percent on quarterly basis. However, the annual growth in this sector is put at 28.1 percent. Demand for rented houses is on the rise with reopening of schools, colleges and employees resuming to work from offices. Students, employees and workers are making it a beeline to metropolitan cities pushing up the demand for rented premises. Compared to the last quarter, the demand is on the rise in this quarter. The availability of vacant houses is reducing. The demand and supply gap for rented premises is not being bridged by supply of new homes to the rental market. This is attributed to consumers buying houses. But, there is going to be a perceptible growth in rental houses market in the next quarter, according to a report.

Delhi rents increased 8.8%

• The growth in the demand for residential market in Delhi on quarterly basis is put at 21.5 percent, while the growth in the supply was limited to only 5.5 %. The growth in the average rents registered 8.8 percent. The factors for growth in the rent attributed to metro rail connectivity and availability of retail, social and other basic amenities.
• The growth in demand for residential market in Mumbai increased by 12.8 percent, while the growth in the supply was limited to 8.2 percent. At the same time, the growth in rents is put at 8.4%.
• The residential market growth in Bang lore is put at 54.5%, while the growth in the supply was put at 15.1 percent. The demand for the 2BHK houses is apparently the highest.
• The growth in demand for rented houses in Chennai was 8.6%, while the growth in the supply was only 17.4 percent. On an average, the growth in rents is put at 4.4%.
• In Greater Noida, the demand for residential market registered 42.9% growth while the supply came down to 4.3%. However, the rents registered a growth of 5.8%.
• In Pune, the growth for demand in residential market is put at 39.6%, while the supply remained constant. On an average, rents have registered an increase of 9.5%.

Source: Magic Bricks