Hyderabad is known for its affordable rents, and people are able to defer or delay their final property purchase due to the abundant availability of rental properties. A report on rental preferences today.
In Hyderabad, the trend of living in rental accommodation usually involves multi-storey apartments followed by other kinds of property types. A couple of years ago, the city came under the siege of corporates. Since then, the rental market has had a good run.
Magicbricks conducted a Rental Housing survey, which unveiled some interesting facts. The survey indicated tenant preference in terms of housing types, their preferred budget, amenities that they wish for, amongst others.
The survey tells us that the most popular rental budget segment is the Rs 7,000-8,000 per month, followed by the Rs 12,000 -13,000 per month and the Rs 10,000-11,000 per month rental segments.
From the supply side, the top budget segment per month is the Rs 10,000-11,000, followed by Rs 12,000-13,000; and Rs 15,000-16,000 segments.
This shows that though low rental budget is most in demand, it is not being catered to on the ground. However, the budget segments of Rs 12,000-13,000 per month and Rs 10,000-11,000 per month are being met fair and square.
Localities to consider as rental options
The top micro-markets housing the maximum number of rental units include Banjara Hills, Madhapur, East Maredpally, Begumpet and Gachibowli.
Primary requirements of tenants
Demand for proper water storage facility has received the maximum number of votes for facilities most saught after. Other close requirements would be separate meter for electricity, security of the locality, a developed social infrastructure, a semi-furnished unit, etc. Whereas, the option of proximity to commercial hubs received the least number of votes from the respondents. Here’s a quick summary of their needs as per their preference order.
Respondents from all over India shared that location was key to their final decision. Morevoer, renting in Hyderabad and the nuances of the tenants does indicate their inclination towards new age projects offering multi storey apartments.
Though the preference is clearly apartments, the rental budget is usually in the mid range. This comes as a surprise as the needs expressed by the tenants is pretty modern.
Amenities come at a price, be it the convineance of a gated community or facilities such as security, soft furnishings such as geyser, power back-up, reserved parking, nearness to malls entertainment zones, etc.
Having said this, it is important to point out that water storage seems to be the looming factor in the minds of tenants.
This has been clearly defined with the most number of votes.
Suburban location is the choice of tenants which is understandable. Given the fact that new projects are rampant in the suburbs with office hubs emerging in those areas and comparatively inexpensive properties their selection is logical.
Source: Namrata Ekka, Times Property, The Times of India, Hyderabad.