Demand outstrips supply to push residential rents15.3% YoY Magicbricks

  • 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

City Demand Supply Rent
Ahmedabad 5.9% -3.6% -0.8%
Bengaluru 12.2% -5.8% 3.9%
Chennai 14.3% -9.3% 1.3%
Delhi -1.8% -4.7% 0.7%
Greater Noida -10.3% -0.7% 2.7%
Gurugram 8.9% -12.0% 8.2%
Hyderabad 10.8% -0.6% 4.9%
Kolkata -0.9% -0.1% 2.0%
Mumbai 5.1% -2.9% 4.2%
Navi Mumbai 5.5% -18.8% 1.4%
Noida -0.7% 4.2% 5.1%
Pune 7.8% -7.7% 2.9%
Thane 5.2% -13.1% -0.5%

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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Akshita Agrawal |Sr Communications Manager, Magicbricks |

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