Thursday, August 24, 2023

Average Rents In Bengaluru increased 8.1% QoQ, Reveals Magicbricks Rent Index Report During April - June 2023

* Rental Demand Increased By 12.8% QoQ And Supply Increased By 23.3% QoQ 

* Whitefield, Sarjapur Road, and Marathahalli emerged as the top most searched micro localities 

* Affordable housing units with a rental range of INR 10,000 to 20,000 per month were most preferred by 51% of tenants 

Magicbricks, India's leading real estate platform, released its flagship Rental Index for April-June 2023, observing that the rental demand in Bengaluru increased 12.8% QoQ, supply increased 23.3% QoQ while average rents increased 8.1% QoQ. 

Micro-localities such as Whitefield, Sarjapur Road, and Marathahalli in the eastern expanse of Bengaluru, were the top most searched micro-localities. The report highlighted that demand for 2BHK units dominated the market commanding 64% of the share. The rental preferences of most tenants reflect a desire for budget-friendly properties, with a rental range of INR 10,000 to 20,000 per month with 51% of tenants opting for these properties. 

Sudhir Pai, the CEO of Magicbricks, expressed, “Over the past year, rental housing demand surged in major Indian cities, driven by returning employees and students. Return to office culture boosted the need for workplace-proximate housing while educational institutions resumed in-person activities, drawing students back to city centers. Meanwhile, as property values soared, homeowners seized opportunities for profitable property sales over rentals, reducing supply. This, coupled with high demand, notably hiked rents across prominent Indian cities.” 

Further, the report also indicated that in Bengaluru, 41% of tenants preferred semi-furnished apartments. 

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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