Rental property market back on track in Hyderabad as work-from-home culture comes to an end – The New Indian Express

Express press service

HYDERABAD: The rental housing sector is seeing green shoots of recovery, with several businesses opening their offices and asking employees to return to the office as COVID-19 recedes. According to NoBroker, the online housing rental platform, there is rent inflation in key cities. With the receding COVID-19, demand could increase further.

The rental market is expected to pick up steam in major metropolitan cities, including Hyderabad, thanks to aggressive vaccination which has vaccinated over a billion people. Over the past week, there has been strong growth in demand for rental properties in Hyderabad.

Schools and colleges have already reopened and demand for rental properties has reached pre-COVID levels signaling a strong recovery. There is a significant increase in demand for larger homes as tenants seek properties with larger carpeted area to help with the hybrid working model.

In many localities in Begumpet, SR Nagar and Bowenpally, rents were around Rs 15,000 to Rs 20,000 per month.

However, as many return from their home town, rents have increased by Rs 5,000 per month. Rents for new apartments are much higher. In areas like Kukatpally, Kondapur, Gachibowli, Miyapur and Manikonda, rental apartments and houses are in high demand.

According to NoBroker’s survey, two-thirds (67%) of renters are looking for gated residences, while one-third (33%) of renters are looking for independent homes. Proximity to the office is the main reason for single tenants, while for families, proximity to children’s schools combined with proximity to the office is the deciding factor.

The average rent range in Hyderabad for 2BHK is Rs 10,000 to Rs 20,000, for 3BHK from Rs 17,000 to Rs 30,000, for 4BHK from Rs 25,000 to Rs 40,000) and for 4BHK+ from Rs 30,000 to Rs 70,000.