HYDERABAD: The rental housing sector is seeing some green shoots of recovery, with several companies opening their offices and asking employees to return to office as COVID-19 recedes.According to NoBroker, the online housing rental platform, there is rental inflation across key cities. With COVID-19 receding, demand might rise further.
The rental market is likely to gain momentum across major metro cities including Hyderabad, thanks to aggressive immunisation that has resulted in over a billion people being vaccinated. In the last one week, there is a strong growth in demand for rental properties in Hyderabad.
Schools and colleges have already reopened and the rental property demand has reached the pre-COVID levels signalling a strong recovery. There is a significant increase in demand for larger houses as tenants are seeking properties with larger carpet area to help with the hybrid work model.
In many localities of Begumpet, SR Nagar and Bowenpally, rents used to be around Rs 15,000 to Rs 20,000 per month.
However, as many are returning from their hometowns, the rentals have increased by Rs 5,000 per month. Rents in new apartments are much higher. In areas like Kukatpally, Kondapur, Gachibowli, Miyapur and Manikonda rental flats and houses are in huge demand.
According to the survey by NoBroker, two-thirds (67 per cent) of the tenants are looking for gated apartment communities, while one-third (33 per cent) of the tenants were looking for independent houses. Proximity to the office is the topmost reason among bachelor tenants, while for families, proximity to children’s schools clubbed with proximity to the office is the deciding factor.
The average range of rents prevalent in Hyderabad for 2BHKs is Rs 10,000 to Rs 20,000, for 3BHKs it is Rs 17,000 to Rs 30,000, for 4BHKs it is Rs 25,000 to Rs 40,000) and for 4BHK+ is is Rs 30,000 to Rs 70,000.