Unfurnished 1-BHK apartments high on demand for rent, reveals study by Housing.com

When it comes to renting a house, 1-BHK units are the preferred choice for a large number of home seekers, with IT hubs of the country like Bengaluru, Hyderabad, Chennai and Pune, pushing the rental demand, finds a study by Housing.com

 

Housing.com, part of Elara Technologies Pte Ltd, which also owns PropTiger.com and Makaan.com, on August 9, 2017, unveiled its key insights on house renting patterns. According to their research, 1-BHK units are the preferred choice for a majority of rental home seekers in Mumbai, Gurugram, Bengaluru and Pune, while home seekers in Chennai, Kolkata and Hyderabad prefer 2-BHKs.

The research was conducted to understand the home seeker’s disposition towards renting houses, across the top seven cities in India, including Mumbai, Gurugram, Bengaluru, Chennai, Kolkata, Hyderabad and Pune.

A massive part of India’s population resides in rental homes. With increased exposure to global housing standards and frequent movement across cities for employment and education, the Indian rental housing consumer is becoming more demanding, vis-à-vis value. Based on insights drawn from the traffic witnessed on Housing.com, this data reveals various considerations that a home seeker sets out, before renting a property.

Key highlights from the study

Preferred specifications

• 1-BHK rental housing units are the most preferred choice for more than 57 per cent of home seekers in Mumbai, Gurugram, Bengaluru and Pune. However, more than 40 per cent of home seekers prefer 2-BHKs in Chennai, Kolkata and Hyderabad.
•  More than 61 per cent of people prefer renting an apartment to an independent floor or house. Interestingly, in Gurugram and Bengaluru, 30 per cent and 26 per cent of home seekers, respectively, prefer renting an independent floor and 25 per cent of people prefer renting an independent house in Kolkata. 
• Bengaluru, Chennai, Kolkata and Hyderabad have more than 85 per cent of tenants opting to live in unfurnished homes. However, in cities like Gurugram (44 per cent), Mumbai (27 per cent) and Pune (13 per cent), people give preference to furnished homes, as well.
• More than 38 per cent of people in cities like Gurugram, Bengaluru, Kolkata, Hyderabad and Pune, prefer renting a house in a new building (two years old). However, 30 per cent of home seekers in Chennai are comfortable with renting a house, which is five to 10 years old, followed by 28 per cent in Mumbai.

 

 

Top localities and desired price range  

• The top five localities for renting a house in Mumbai include Thane west, Andheri west, Airoli, Andheri west and Goregaon west.

• Sector 24, Sector 43, Sector 47, Sector 48 and Sector 49, are the top five preferred localities for renting in Gurugram.
• In Bengaluru, the preferred localities are Koramangala, JP Nagar, HSR Layout, BTM Layout and Marathahalli.
• Velachery, Mogappair, Perambur, Choolaimedu and Kodambakkam are the top five localities that people prefer, while renting a house in Chennai.
• The top 5 renting localities in Kolkata include New Town, Dum Dum, South Dum Dum, Behala and Garia.
• The preferred localities for renting a house in Hyderabad are Kukatpally, Miyapur, Banjara Hills, Kondapur and Manikonda.
• The preferred localities for rental in Pune include Kothrud, Pimple Gurav, Kharadi, Hadapsar and Baner.
• More than 44 percent people prefer renting a house within Rs 10,000 in Chennai, Kolkata and Hyderabad. However, in Mumbai, Gurugram, Bengaluru and Pune, more than 42 per cent prefer a price range of Rs 10,000 to 20,000 for rent.

 

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