Indian rents on the rise; 16% Y-o-Y in March quarter

13 May 2024 CW Team

Rental prices in major Indian cities are experiencing a significant upswing, with a 16% year-on-year increase reported in the March quarter by Magicbricks. This surge is particularly notable in tech hubs like Greater Noida with a 32.1% increase, Gurugram with 24.5%, and Bengaluru with 23.7%.

While demand for rental accommodation remains strong, particularly in the Rs 10,000 to Rs 30,000 per month range (42% of total demand), the supply of rental units is only growing marginally with 1.8% Q-o-Q. This mismatch between supply and demand is a key driver behind the rent increase.

The rise in rents reflects a changing real estate landscape. Factors like the return to office work and evolving tenant preferences are influencing the market.

Abhishek Bhadra, Head of Research, Magicbricks, explained the driving factors behind the surge in rents. "Prior to 2020, residential rental yields in India were averaging around 3%. However, since 2022, following the resumption of office operations, we've witnessed a notable surge in rental demand, consequently driving up rents and offering higher yields to landlords." He added, "We anticipate this upward trend in rents to persist over the next few months, particularly as rental activity typically peaks in the first two quarters of the fiscal year. Notably, residential and IT hubs like Bengaluru, Gurugram, Hyderabad, and Noida have experienced significant increases in their rental yields, in line with our expectations."

As rents climb, both landlords and tenants will need to adjust to the new market dynamics. Stakeholders, including policymakers and developers, need to collaborate on solutions that ensure the availability of affordable rental housing options and a balanced approach to rental policies and real estate development.

(Source: Economic Times)

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