Rental homes are not new but they're trending and have become a new source of income for people from various walks of life. Rent of property have risen pretty much in recent years, and the rental market in India has grown tremendous making itself as one of the bold sectors. In India, property rental market is said to have a growth rate even more than that of Indian economy.
This surge in the Indian property rental market is the result of several factors put up together. In recent years, industrialization has been on a good pace, and several manufacturing units, new institutions, and several IT & technology companies in service sector from around the world have turned their heads to India. Under Make in India campaign of Modi-led government, new establishments have also been setup for which employment opportunities are also been generated on a mass scale for skilled and educated people. This has also contributed enormously to the increase in demand for rental property in India. Migration of people from and around cities can be seen as an endorsement to why this has still remained a business to do.
Moreover, it is not an easy game to find a suitable accommodation for rent in a big city. Big cities such as Mumbai, Bangalore or Delhi have a discerning deficit of good accommodation and basic utilities that can address the requisitions of people seeking employment in these cities. Property builders and real estate groups have started taking the usefulness of the circumstances and are investing a lot in property construction in big cities. As the demand is increasing in cities like Delhi, Mumbai, and Bangalore, and it is not easy for everyone to afford a residential property which is why people prefer choosing a rented home, apartment or a room over buying a property.
Some real estate experts say that home rental industry has been the evidence to a surge of 25%, and the net worth of the property rental market is near to $20 billion. The craze among people to shift to metro cities for better opportunities have soared up the demand in residential rental property. Over and above that, the rental home is almost all befitting place to live for business personnel who many times visits another city for trade affairs, working professionals those are transferred to a remote job location from their home and to students those temporarily move out to a new city in their aspiration of better educational opportunities. Tourists who wish to stay for a longer period in a city also eye residential rental living spaces due to the high cost of hotel stay, and the expensive food along with other inconvenience. Even women can choose to stay in women's hostel which is safe and can be of service as a shared room or an independent room.
The residential rental segment has high-end luxury apartments, penthouses, independent houses, and rooms of a house or a flat, or it can be a portion of the house. Out of these, average apartments, shared rooms, independent rooms and a flat or a house are gaining popularity because people living in the different city from their home often think of saving the cost of living. Cities such as Delhi, Noida, Chandigarh, Dehradun, Bangalore, Mumbai, Pune, Hyderabad are registering high demand of residential property due to the proximity of education institutions and established technology industries in these cities. At the present moment, there is a disparity in between requirement and provision, which has made a lot easier for real estate agents, small property owners, and major investors reap huge profits amidst high rental cost in India. Renting out property has become a dominating but profit orienting activity too, making the rent go high and high every year followed.
Here at ZindagiHomes, we have a genuine data base of Tenants and Landlords who we regularly keep updating them on our portal with everything detailed so tenant faces no trouble while finding a perfect home for themselves. Moreover, we have a support system where we welcome queries from our users in case they face any issue while using our services.