NEW DELHI: Indian rental housing searches grew 84.4% year-on-year in Q2, 2022 and 29.4% quarter-on-quarter, according to a recent report by Magicbricks. The report further observed that the cumulative rental housing listings increased 3% quarter-on-quarter and 28.1% year-on-year across the 13 Indian cities mapped.
The pan India rents increased 8.4% quarter-on-quarter with Hyderabad, Bengaluru, Noida and Pune witnessing maximum growth of 14.3%, 13.5%, 10.7%, and 9.5% quarter-on-quarter.
Sudhir Pai, CEO of the company said, “With schools and offices reopening, the workforce and students are moving back from their native cities to the metros, leading to an increase in demand for rental homes. The supply of rental homes is growing slowly compared to last quarter with available vacant homes decreasing and units not being replaced quickly by new supply as most of them are being bought by end-users and not investors. However, we expect the growth momentum to continue for the next few quarters.”
In Delhi, the aggregate searches for residential markets witnessed a 21.5% quarter-on-quarter growth, while listings increased by 5.5% quarter-on-quarter and average rents increased by 8.8% quarter-on-quarter.
Searches in Mumbai‘s residential market increased 12.8% quarter-on-quarter due to the seamless connectivity in central and western peripheral localities while listings declined by 8.2% quarter-on-quarter; average rents increased 8.4% quarter-on-quarter.
Bengaluru’s residential searches observed the highest growth with an increase of 54.5% quarter-on-quarter, while the listings observed a growth of 15.1% quarter-on-quarter. There was a continued preference for 2BHKs, constituting 48% of the total demand and 55% of the total supply.
The searches in Chennai’s residential market grew 8.6% quarter-on-quarter while the listings grew 17.4% quarter-on-quarter due to the addition of new inventory in the affordable areas in the city. The average rents also increased 4.4% quarter-on-quarter; 2BHK configurations accounted for 52% of the total demand.
Greater Noida’s residential market witnessed an upsurge in searches due to the reopening of educational institutions and offices. The searches grew 42.9% quarter-on-quarter while the listings declined by 4.3% quarter-on-quarter with an increase of 5.8% quarter-on-quarter in the average rents. Homebuyers in the city have a strong preference for affordable housing, with 50% of the demand share for 2BHKs.
Hyderabad’s residential searches grew 42% quarter-on-quarter while the listings increased to 9.4% quarter-on-quarter. Average rents also witnessed a quarter-on-quarter increase of 14.3% as a result of the swift reverse migration to cities for work-related opportunities. The residential market was dominated by 3BHK (45%) and 2BHK (40%).
Pune’s residential market searches increased to 39.6% quarter-on-quarter while listings remained stable; average rents increased 9.5% quarter-on-quarter. The 2BHK units continue to hold a majority share in the market with a demand of 50%, indicating a preference for affordable properties.
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