The demand for rented places in India has increased about 10-15 per cent, according to leading co-living platform Zolo Stays. It said situation has changed since the COVID-19 pandemic, and the demand for rental units can significantly rise across different regions and cities in India.
Online housing rental platform NoBroker has also said there is rental inflation across key cities. According to NoBroker data, over 64 per cent of tenants in India are looking to buy homes in 2023, there are still 36 per cent of tenants who still prefer the ease of renting to owning their own homes. It said a majority of tenants or renters (32 per cent) fall into the age bracket of 25-35 years. The youth, i.e. 18-25 is the second-highest age bracket that tenants fall under.
Since the end of Covid -19, several companies have reopened their offices and asked their employees to return to the office after the pandemic. A rise in rent prices in several cities is expected, as people will look for accommodations. The lockdown had limited 138 crore people, and the increase in prices is quite normal, but it has skyrocketed to a great length.
Nikhil Sikri, CEO and co-founder of Zolo Stays, said, “As the biggest player in the Bengaluru market, we account for about 35 per cent of organised co-living. Additionally, we have noticed a considerable increase in demand, as people are recognizing the value of co-living now more than ever. Co-living offers excellent value for money and has become a more attractive option for many.”
According to NoBroker data, Hyderabad and Pune saw a 5-10 per cent rise in rental, Chennai witnessed a 10-20 per cent jump, and Mumbai saw a 15 per cent rise. In Delhi-NCR, the rental has increased 10-20 per cent; while Bengaluru witnessed a huge 45 per cent increase in the rental.
In India, rentals rose 20-25 per cent on average in 2022 from pre-pandemic levels, with some of the more popular housing societies recording a jump of more than 30 per cent.