India's Housing Market Sees Demand For Homes With Rent Between Rs 20K-30K Soar: Study

The Magicbricks Rental Index report, conducted during the April-June 2024 period, found that demand remained the highest for units in this range in the country at 26 per cent

Meanwhile, Delhi saw individuals preferring units with a rent range of Rs 50,000 to Rs 1 lakh as demand for the same stood at 21 per cent. (Image Source: Pexels)

Source : Pexels

Indians are increasingly demanding for rental units in the range of Rs 20,000 to Rs 30,000 per month, a latest study revealed. The Magicbricks Rental Index report, conducted during the April-June 2024 period, found that demand remained the highest for units in this range in the country at 26 per cent. 

The survey showed that the Indian rental housing market saw demand and supply spread across rent of multiple ranges. On average across the country, demand peaked for units with rent ranging from Rs 20,000 to Rs 30,000 at 26 per cent. The rent range of Rs 10,000 to Rs 20,000 was the second highest in demand at 22 per cent in the domestic housing market.

Supply was also diversified in the rental housing market. Units with a rent range of Rs 10,000 to Rs 20,000 were in maximum supply of 23 per cent, while the rent of Rs 20,000 to Rs 30,000 and Rs 50,000 to Rs 1 lakh saw the same supply of 20 per cent each. On the other hand, units with rent under Rs 10,000 were the lowest in demand (1 per cent) and supply (5 per cent) in the market.

The survey was conducted across major cities in the country including Ahmedabad, Bengaluru, Chennai, Delhi, Greater Noida, Gurugram, Hyderabad, Kolkata, Mumbai, Navi Mumbai, Noida, Pune, and Thane. 

Citywise Trends

In Ahmedabad, units in the rent range of Rs 20,000 to Rs 30,000 dominated both demand and supply, commanding 46 per cent of the overall demand in the market, and 37 per cent of the total supply share. 

Meanwhile, Delhi saw individuals preferring units with a rent range of Rs 50,000 to Rs 1 lakh as demand for the same stood at 21 per cent. In terms of supply, rent range of Rs 10,000 to Rs 20,000 dominated and controlled 22 per cent of the overall share in the market. However, demand for other ranges also remained high. The demand for units in rent range of Rs 10,000 to Rs 20,000, Rs 20,000 to Rs 30,000, and Rs 30,000 to Rs 40,000 stood at 17 per cent, 18 per cent, and 19 per cent respectively. Units with rent range of Rs 20,000 to Rs 30,000 and Rs 50,000 to Rs 1 lakh controlled 19 per cent share each in the overall supply in the housing market.

Greater Noida, on the other hand, saw units in the rent range of Rs 10,000 to Rs 20,000 completely dominate both demand and supply in the market at 76 per cent and 50 per cent respectively.