Serendipity anyone? The rental housing segment was badly seeking stability after the Delta-Omicron tag team event. Q1, 2022 has been a pleasant surprise indeed.
Q1, 2022 Insights
📈 15.8% (QoQ) and 6.7% (YoY) demand growth.
📈 30.7% (QoQ) and 101.5% (YoY) supply growth.
🔼 Search volume growth for Gurgaon (33.5%), Delhi (27.8%), Bangalore (19.4%), Noida (21.4%) and Ahmedabad (17.6%).
🔼 Supply growth for Chennai (36.3%), Mumbai (37.6%), Thane (40.9%), Pune (38.1%) and Navi Mumbai (40.9%).
🔼 4% growth in countrywide rental rates (4.5% in Mumbai alone).
Reasons for demand growth
💉 More vaccination and milder COVID-19 figures for one. Reopening of educational institutions and offices too.
Tenant preferences
2 BHKs (45%) are having a moment. 3 BHKs (31%) are close behind. 19% prefer 1 BHKs. 69% want multi-storied apartments, with 53% into semi-furnished homes.
The Future
Reverse migration to metros. More rental demand. More normalcy. Something we badly need.