Along with the demand for rental houses in the top cities of the country, there is a continuous increase in rents as well. According to the latest data, there has been an increase in the increasing demand for rental houses in the major cities of the country and the supply is not according to that, due to which the rental houses have become more expensive in the last three months. According to data available with real estate marketplace Magicbricks, the average house rent in the country's top 13 markets increased by 4.1 per cent in the January-March quarter as compared to the previous quarter.
How much is the increase in rent
Average rentals in cities like Gurugram, Noida, Hyderabad and Mumbai have increased by 8.2 per cent, 5.1 per cent, 4.9 per cent and 4.2 per cent, respectively, in the January-March period as compared to the December quarter. Eleven of the top 13 markets saw a sequential jump in rentals in the last quarter. It is only in Thane and Ahmedabad that the rent of houses has come down. The main reason for the continuous increase in fares is high demand and less supply. In 12 of the 13 cities, the demand for rental homes was higher than the supply during the January-March quarter.
Which city has the highest demand and supply
IT hubs Chennai (14.3 percent), Bengaluru (12.2 percent), Hyderabad (10.8 percent), Pune (7.8 percent) saw the highest demand for rental housing. It was only in Greater Noida (-10.3 percent), Delhi (-1.8 percent) and Kolkata (-0.9 percent) that the demand was also short. Only in Noida (-0.7 percent) did the supply increase by 4.2 percent despite a decline in demand. However, rents increased by 5.1 per cent despite falling demand for rental homes. Magicbricks CEO Sudhir Pai said that the Indian rental housing market is improving rapidly.
Which houses are most in demand
On an annual basis, the demand for rental houses has increased by 3.3 percent in these 13 cities of the country. Talking about the supply, there has been a decline of 18 percent. Because of which there has been a decrease in rental houses. Looking at the trends of the past months, most of the people demand more for 2 BHK. The number of such people is more than 42 percent. After this, 36 percent people search for 3 BHK and 17 percent for 1 BHK houses. The demand for 3 BHK had increased to 36 percent in the first quarter of the year 2023. While the demand for 2 BHK fell from 47 per cent to 42 per cent.
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