On a quarterly basis, fares increased by 4.6% during July-September. Data shows that compared to last year, the highest increase in rents was recorded in Thane, Gurgaon, Greater Noida, Noida and Hyderabad.
While Thane saw a massive 57.3% year-on-year rent increase during this period, Gurgaon saw a 41% year-on-year rent increase. Nearly 67% of the rental demand in these cities is driven by Millennials (aged 18-34), according to the data, which was compiled after analyzing the preferences and behavior of over two crore customers who use the platform. Has been collected.
![Screenshot 2023-11-25 062920](https://static.toiimg.com/thumb/imgsize-23456,msid-105485633,width-600,resizemode-4/105485633.jpg)
About 41% of tenants preferred mid-segment rentals between Rs 10,000-30,000 per month. The market is dominated by semi-furnished units, which account for 52.7% of demand and 48.7% of supply.
“The increase in rents reflects a confluence of factors – economic growth, urbanization, and the return to office by companies. High demand, coupled with limited supply, has led to the increase in rents, highlighting the evolving landscape of the real estate market. Such -As businesses resume office work, the need for housing near workplaces has intensified, especially for millennials. However, the slowdown in rent appreciation compared to the last quarter is notable, which may also impact growth in the upcoming quarters. indicating an expected decline,” said Sudhir Pai.CEO of Magicbricks.
(TagstoTranslate)Business News(T)Sudhir Pai(T)MagicBricks