Renting a property in India has always been a popular choice as people of certain groups prefer flexibility and do not want the commitment of purchasing a home. However, over the past decade, it has been observed that the trends in renting property have changed significantly. These changes in preference can be seen in the form of location to the types of properties being rented, and the expectations of tenants and landlords.
Shift in location preferences
A decade ago, most people looking for rented property in India were more geared towards staying at the heart of the city. Some of their primary considerations were proximity to workplaces, markets, and transportation hubs. However, today, the trend has seen a shift. The people looking to rent a property now prefer locations that offer a balance between convenience and quality of life. Therefore, there has been a rise of tenants in the suburban areas as these areas of the city offer more space, greenery, and modern amenities. The demand scenario is no different in cities like Bangalore, Mumbai, and Delhi where people demand a property on rent in the city’s suburbs. This is where people enjoy a quieter environment while still being well-connected to the city center.
Demand for modern amenities
Another notable change in the trends for rented property in India is the growth in demand for modern amenities. In the decade that has gone by, the people opting for rented houses were satisfied with basic facilities like a kitchen, bathroom, and sufficient living space. But now, the trends have changed. More and more people look for properties as tenants that offer amenities such as high-speed internet, parking spaces, security systems. The demand is equally high for rented properties that have shared spaces like gyms, swimming pools, and community halls. The major reason for this shift is the increasing influence of global living standards and the rise in remote working. In short, people are looking more for a comfortable environment that frees them from the hassles of daily commuting.
Impact of technology on renting
Technology has been a major factor of influence for people who find and rent properties in India. Even a decade back searching for a rented property in India involved going through local brokers or relying on word of mouth. Cut to present times, and there are many digital platforms and apps at disposal which allow people to search for properties, view photos and videos, and even take virtual tours, all from the comfort of their homes. Hence, the process of finding and renting a property is now much more efficient, streamlined and transparent. Moreover, people can easily book a rented apartment of their choice with online payment options that have transactions smoother and safer for both tenants and landlords.
Shift in rental agreements and terms
The terms and conditions for renting property in India have changed significantly as rental agreements are not informal, with minimal documentation like they were before. Nowadays, the emphasis is more on the formal agreements that clearly outline the rights and responsibilities of both parties. The reason which has prompted this change is the call for more transparency and security.
Conclusion
The market for rented property in India has evolved significantly over the past decade. It has also seen itself getting amalgamated to technology which reflects a broader shift in the way people live and work. To understand the trends of rented properties in India better, get in touch with the real estate consultants of Jain Oncor or visit us at https://www.jainoncor.com/