Hit by Rental Frenzy

With the new school year fast approaching, the rental market in the city has reached its busiest time of the year

Published: 14th May 2014 09:56 AM  |   Last Updated: 14th May 2014 09:56 AM   |  A+A-

With less than three weeks left for school reopening, the rental scene in the city has hit its busiest peak. Officials transferred to the city and those who put off shifting process to the much-convenient summer holidays are busy finding places they can rent in by June. The real estate websites come up with new listings every day and within days most are taken. “Business is high during early months of May every year. The clientele includes mainly professionals and parents looking for houses near their children’s school,” says Hena Baby Sasidharan, who runs a real estate portal.

The most sought after areas in the city include Vazhuthacaud, Kowdiar, Mediacl College and Kazhakuttom. “Most of the people ask for two bed apartments or houses that have good connectivity. Independent houses and flats in city outskirts don’t have much takers,” she adds. If low rent used to be the major criteria in the past years, now the people are willing to pay some extra bucks if all their demands are met. “It was easy to get a decent house or flat near Technopark at ` 10,000 a couple of years back. Now if you want a fully-furnished 2BHK in a good locality you will have to shell out anything between ` 15,000 to 22,000,” says Deepak, a software professional who lives in Sreekaryam.

If the rental rates for a 3-bed apartment can be anything between ` 12,000 to 35,000 in Kowdiar or Vellayambalam, it drops to ` 7,000 to 20,000 at Poojapura or Vattiyoorkkavu. “Most of the clients ask for apartments located in areas within walking distance to main roads. Easy accessibility to other facilities such as super markets, ATM counters, bus stops and auto stands are another factor. Certain people want play areas and good security systems if they are renting a flat,” says Faizal, a real estate agent.

At the same time,it doesn’t mean that there are absolutely no takers for luxury apartments. There are people who precisely want posh single bed apartments or large 3 or 4 bed flats with all amenities.

“It was nearly impossible to find a proper studio apartment when I shifted here four years back.

Most of the local real estate agents I approached had never heard the term before,” says Roopa who works at a bank. 

According to Hena majority of house owners go for nuclear families or single occupants. “There are people who rent out their houses only if they are happy with the tenants. I know a house owner in Pattom who hasn’t raised the rent for the last three years because he is pretty comfortable with the tenant,” she adds


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