Average Rents Increase by 4.5% QoQ in Hyderabad during April – June 2023, Reveals Magicbricks Rent Index

● Demand for rental properties increased by 22%, whereas supply reduced by 2.1% QoQ

● Gachibowli and Kondapur continue to be the remain the top most searched micro localities in Hyderabad

● 55% of tenants showed have shown interest in affordable units housing options with monthly rents ranging from INR 10,000 to 20,000

Hyderabad, August 23, 2023 – Magicbricks, India’s leading real estate platform, released its flagship Rental Index for April-June 2023, observing that the rental demand in Hyderabad increased 22% QoQ , supply reduced 2.1% QoQ while rents increased 4.5% QoQ.

Gachibowli and Kondapur, with their seamless connectivity to the Nehru Outer Ring Road and proximity to key employment hubs, were the most searched micro-markets in the city. The report also observed that 55% of tenants showed interest in affordable units with monthly rents ranging from INR 10,000 to 20,000.

Sudhir Pai, CEO of Magicbricks, remarked, “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, properties ranging from 1,000 to 1,500 square feet emerged as the focal point of demand and supply, comprising 50% and 39% of the market share, respectively.

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