edited by: Mohammad Haris
Last Update: February 24, 2023, 15:59 IST
Most of the tenants or renters (32 per cent) fall in the age group of 25-35 years.
According to NoBroker data, over 64 percent of renters in India are looking to buy a home in 2023, with 36 percent of renters still preferring to rent over owning their own homes.
demand for rental housing in India According to leading co-living platform Zolo Stays, there has been an increase of around 10-15 per cent. It said that the situation has changed since the COVID-19 pandemic, and the demand for rental units may increase significantly in different regions and cities of India.
Online housing rental platform NoBroker has also said that there is rental inflation in major cities. According to NoBroker data, over 64 percent of renters in India are looking to buy a home in 2023, there are still 36 percent of renters who still prefer renting to owning their own homes. It said most of the tenants or renters (32 per cent) fall in the age group of 25-35 years. Youth, i.e. 18-25 is the second largest age group under which tenants come.
Since the end of COVID-19, many companies have reopened their offices and asked their employees to return to office after the pandemic. Rental prices are expected to rise in many cities as people look for housing. The lockdown confined 138 crore people, and the rise in prices is quite normal, but it has skyrocketed to a great extent.
Nikhil Sikri, CEO and co-founder of Zolo Stays, said, “As the largest player in the Bengaluru market, we account for around 35 per cent of organized co-living. In addition, we have seen a significant increase in demand, as people are now recognizing the value of co-living more than ever. Co-living offers excellent value for money and has become a more attractive option for many people.”
According to NoBroker data, Hyderabad and Pune saw a 5-10 percent increase in rentals, Chennai saw a 10-20 percent increase, and Mumbai saw a 15 percent increase. Rents in Delhi-NCR have gone up by 10-20%; While Bangalore saw a whopping 45 per cent increase in rentals.
In India, rents are projected to increase by an average of 20-25 per cent from pre-pandemic levels in 2022, with some of the more popular housing societies recording a jump of over 30 per cent.
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