Magicbricks has launched its 1st PropIndex Rental Market Analysis Report (Oct-Dec 2014). This is the first time Magicbricks has taken a dip into the demand and supply analysis of the rental market. The report gives insights about the existing demand and supply in different budget ranges, BHK configurations and property types across the 11 major cities of India.
The maiden edition reveals that over 75% demand is noted for apartments as rented accommodations while the Rs 10,000-15,000 rent-per-month category is the most preferred segment.
“Limited availability of ready-to-move-in properties and pilling up of under-construction inventory has pushed up the rental demand. In an endeavor to address the growing demand for properties on lease, Magicbricks has deconstructed rental demand and supply activity across residential categories in the top 11 cities,” says Jayashree Kurup, Head, Content and Research, Magicbricks.
This report shows that at the national level nearly 30 per cent demand in the rental market is noted for the Rs 10,000-15,000 per month category. It further reveals that 9 out of the 11 cities tracked witness over 75 per cent demand for apartments. Chennai and Bengaluru on the other hand has seen a significant demand of 35-37 per cent for other residential housing formats.