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The Indian rental market is witnessing a boom in 2024, with a significant rise in demand across major cities. This can be attributed largely to the return to office work post-pandemic, along with a growing young professional population seeking rental accommodations.
Here’s a look at some of the top Indian cities experiencing the highest rental demand in 2024:
1. Bengaluru:
The undisputed leader, Bengaluru takes the top spot with a robust IT sector driving the demand for rental properties.
Bengaluru, India’s IT powerhouse, is experiencing a scorching hot rental market in 2024. Here’s a breakdown of the key trends driving this surge:
Return to Work, Surge in Demand: The return to office spaces post-pandemic is a major driver. IT companies calling employees back has fueled a significant increase in demand for rental properties.
Limited Supply, Rising Prices: The demand for rental units in Bengaluru is outpacing the available supply. This imbalance has led to a significant rise in rental prices across the city. Reports suggest a jump of as much as 30% compared to 2022!
Top Localities, Top Rents: Certain localities in Bengaluru are experiencing a particularly strong demand and price rise. Areas like Sarjapur Road and Whitefield have witnessed average rents for a standard 2 BHK apartment climb by 8% in just the first quarter of 2024 compared to the previous quarter!
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2. Pune
A major IT and educational hub, Pune has seen a rise in demand for rental units, particularly 1 and 2 BHK apartments in the Rs 20,000 to Rs 30,000 range.
3. Thane (Mumbai Metropolitan Region):
Thane, a suburb of Mumbai, offers a more affordable alternative to the city center. This has led to a significant increase in demand, especially for smaller units (1 and 2 BHK) priced under Rs 10,000.
4. Gurugram:
Another major IT hub, Gurugram, has witnessed a rise in rental demand alongside rising rental yields.
5. National Capital Region (NCR) – Noida and Greater Noida:
The NCR, particularly Noida and Greater Noida, offers a variety of housing options at competitive rates, making it attractive to renters.
Key Trends in Rental Demand:
- Affordability: The demand for rental properties in the Rs 10,000 to Rs 30,000 range is particularly high, indicating a preference for budget-friendly options.
- Apartment Size: Compact living seems to be the trend, with 1 and 2 BHK apartments being the most sought-after configurations.
- Semi-Furnished Units: The convenience of semi-furnished units is a major draw for renters, especially young professionals.
Looking Ahead:
The Indian rental market is expected to remain buoyant in 2024 and beyond. With a growing economy and increasing urbanization, the demand for rental housing is likely to continue its upward trajectory.
Considering Renting in 2024?
If you’re planning to rent a property in India in 2024, be prepared for a competitive market. Researching rental trends in your preferred city, finalizing your budget, and acting quickly on suitable options will be key to securing your ideal rental space.
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