Home rentals show a slight increase in Q3

Representative image. News18

Average rents in India increased by 5.2% on a sequential basis for the quarter ended September 30, 2022, while overall demand and cumulative availability for rental properties decreased by 3.9% and nearly 10%, respectively, in 13 Indian cities. . According to Sudhir Pai, CEO of Magicbricks, India’s rental housing market recovered steadily in the first quarter of 2022. He added that the recovery was complemented by growth in the second quarter, fueled by the gradual reopening of educational institutions. and offices, and the workforce returning to those cities. On a yearly basis, overall demand represented by searches jumped 29%, according to the Magicbricks Rental Index for the third quarter of 2022. Demand saw sequential growth in Greater Noida at 37%, Noida at 12, 7% and Gurugram at 8.5 percent.

The availability of rental units is affected by delays in the delivery of units under construction and most available units are purchased as residences and not as investments. Supply in Chennai (1.9%), Hyderabad (4.8%) and Delhi (5.2%) recorded the smallest sequential declines. Bengaluru saw a 7.3% increase in rents, Mumbai saw a 6.6% increase, Greater Noida saw a 6.3% increase and Hyderabad saw a 5.2% increase.

But while rents jumped in Bangalore by 7.3%, demand was reduced by 7.8% and supply by 12.6% quarter on quarter (qoq). There was a preference for semi-furnished 2 BHKs, which constituted 52% of total demand and 55% of total supply.

Delhi’s average rent increased by 3.1% year-on-year, while demand saw a marginal decline of 2.6% and supply fell by 5.2% over the same period. The residential market was dominated by 2 and 3BHK with an overall demand and supply of 75%. In Mumbai, average rents jumped 6.6% year-on-year, while demand fell 5.1% and supply 11.8%. Tenants preferred smaller units of 500 to 1,000 square feet, which accounted for 52% of demand and 44% of supply.

According to Sudhir Pai, with the waning effects of the pandemic, people can expect this normal cycle in India’s rental housing market to continue.

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