After a long hiatus of almost two years because of the pandemic, people are encouraged to work from offices and return to the cities from their hometowns. This has given an impressive boost in demand for rental homes and rents as well in Delhi NCR, along with other metro cities like Hyderabad and Bangalore.
Home rentals in Delhi NCR (National Capital Region) saw a 25-40% rise in the last year due to insufficient market supply and increased demand for employees in corporate, requiring them to return to work. According to the property dealers, cities like Noida and Gurugram have experienced a sharp surge, with landlords looking to recoup losses after a gap of almost two years.
The searches of the accommodations in Noida and Gurugram surged in Q3 2021, recorded a growth of 68% compared to Q2. Besides the rise in Delhi-NCR, Pune, Hyderabad, and Bangalore rental markets also registered a 52%, 47% and 45% rise, respectively.
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With the rise in home rental demands, rental prices are rising since most landlords faced losses during the pandemic due to the concession or no rent. They are now trying to cover up these losses and hence increase rentals which are expected to increase more shortly. An increase in rent puts a toll on employees’ pockets because there is no significant salary hike.
