Property rent up 20 per cent YoY in H1 FY24: NoBroker
This report was prepared by NoBroker based on demand made for properties by 34,000 respondents.
The demand for rental accommodation has increased after the work from home ended in the post Coronavirus period. This has led to an increase in housing rents.
A report from the property platform NoBroker indicates that there has been a 20% increase in property rents during the first half of 2023. This report was prepared by NoBroker based on survey of 34,000 respondents. It includes the opinions of homeowners as well as renters and buyers in major cities including Bangalore, Mumbai, Delhi-NCR, Chennai, Hyderabad, and Pune.
According to the report, most people want to live near their workplaces. This is why the demand for rental accommodation is increasing. Changes in people’s priorities have boosted the demand for properties near offices and parks. However, demand is exceeding supply. This has benefited homeowners. There is a lot of competition especially in the eastern regions of Bangalore. Most of the homeowners have increased rent by more than 20%.
This year, major cities have seen an increase in rent ranging from 8 to 16 percent. The highest increase was observed in Bangalore with 16 percent, followed by Pune (12 percent), Hyderabad (11 percent), Delhi NCR (10 percent), Mumbai (9 percent), and Chennai (8 percent).
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