- Magicbricks Rental demand surged 7.3% QoQ and 3.3% YoY
- With offices opening, IT hubs Bangalore, Hyderabad and Chennai witnessed highest traction
- The Pan India rental housing availability declined 5.7% QoQ and 17.8% YoY
New Delhi, April 20, 2023 – Magicbricks , India’s premier online real estate platform, released its latest Rental Housing Index (January to March 2023) report, highlighting a 4.1% QoQ and 15.3% YoY surge in average residential rents across the country. The report further observed that after a decline over the past two quarters, the rental demand increased 7.3% QoQ and 3.3% YoY, while the supply reduced by 5.7% QoQ and 17.8% YoY.
IT hubs Chennai (14.3%), Bengaluru (12.2%), and Hyderabad (10.8%) recorded the highest growth in rental demand. Furthermore, out of the 13 cities tracked, all except Noida observed a decline in supply of rental housing.
“The Indian rental housing market is demonstrating a buoyant revival and the macroeconomic trends affirm that this is expected to persist through the coming quarters,” said Sudhir Pai, CEO, Magicbricks . “It is noteworthy that major southern cities have exhibited resilience as they continue to attract talent from across the country. Gurugram and Pune are other notable cities with promising rent-trends as they continue to attract a migratory talent pool. Overall, these market dynamics suggest a swift progression towards “business as usual scenario” for the real estate industry and sustained growth trajectory of the Indian rental housing market.”
City wise highlights: The parameters represent QoQ change in jan-March 2023
Source: Magicbricks Research The parameters represent QoQ change in Jan-March 2023
The report also revealed that while 2BHKs continued to be the most preferred rental properties, the demand for 3BHKs grew by almost 6% QoQ, indicating an increasing preference for spacious homes.
About Magicbricks: India’s no 1 property site
As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has metamorphosed into a full stack service provider for all real estate needs, with 15+ services including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice.
With 15+ years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV- India’s leading online real estate YouTube channel, and other proprietary tools so that home buyers can access all information related to price trends and forecasts, locality reviews and more.
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