* 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
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."
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.
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