FCC

Rental searches rises 18% quarter-on-quarter in 13 cities

2023-08-23

According to the Rental Index of Magicbricks, a real estate company, rental searches surged by 18.1% quarter over quarter across 13 major cities in India, while listings jumped by 9.6% and rentals rose by 4.9%.

The largest quarterly increases in average rents were seen in Bengaluru (8.1%), Navi Mumbai (7.3%), and Gurugram (5.1%). On the other hand, Mumbai (-0.1%) and Delhi (-0.9%) had a slight decrease in rentals from one quarter to the next.

The company's CEO, Sudhir Pai, stated, "Returning workers and students have fuelled an increase in rental housing demand in key Indian cities over the previous year. The resumption of office culture increased the need for accommodation close to workplaces, and as educational institutions restarted in-person activities, students began to return to urban centers. In the meantime, homeowners took advantage of profitable home sales over rents as property values rose, limiting supply. Due to this and great demand, rentals have increased in well-known Indian cities.