The growing demand for rental homes in India reflects the country’s booming economy and the evolving needs of its workforce. Being part of the global economy, professionals are always on the move, hopping from one city to another. It can be a visit for a company related assignment, exploring new career opportunities or somethingrelated to their personal life. With so much to do and so little time, working professionals usually do not want to get hassled by the old, fussy system of renting homes. Their preference for broker-free, ready-to-move, fully furnished homes with all amenities and services has led to the emergence of rental homes market.
The rising trend of rental homes has started to impact the real estate industry in several ways. Real estate developers can now think about launching a project aimed solely at deriving revenue from the rental homes market. Even in a standard project, unsold inventory can be considered for the rental homes market. Currently, the residential real estate inventory is quite high in metro cities in India. This gives builders all the more reasons to explore the rental homes market, which is growing by leaps and bounds.
In the conventional scheme of things, builders would have to worry about selling the housing units. However, with increasing demand for rental homes, they can foray intothis segment as well by partnering with rental homes service providers. Overall, it can be said that the rising trend of rental homes has brought some relief to builders who have been troubled with rising inventory in recent times.
The growing demand for rental homes is also a boon for homeowners, as they can partner with rental homes service providers and derive the benefits that come with a corporate setup. With renting simplified, homeowners may even buy more properties to increase their rental homes portfolio. This in turn will fuel the demand for residential real estate.
India’s development has just begun and it would take a couple of decades more to reach a prominent position, globally. As more and more businesses start operations in the country and with the subsequent movement of working professionals, demand for rental homes will continue to rise. With its positive impact on renters, homeowners, and real estate developers, the rental homes market has a bright future ahead of it.