India Rental Housing Market to Grow at an Impressive Rate until 2025
Increasing working population is expected to drive the
growth of India rental housing market
According
to TechSci Research report, “India Rental Housing Market By Type (Standalone
Spaces v/s Society Based), By Property Type (Fully Furnished, Semi-Furnished,
Unfurnished), By Size of Unit (Up to 400 square feet, 400-800 square feet,
Above 800 square feet), By Location (Metro v/s Non Metro), By Region, Forecast
& Opportunities, 2025”, the India rental housing market is expected to grow at an
impressive rate during the forecast period on account of the increasing
urbanization and disposable income. This has led to the migration of people in
search of jobs and for educational facilities from Tier 2 cities to Tier 1
cities. This in turn is expected to positively influence the market growth
through 2025. Additionally, paradigm shift from joint families to nuclear
families is also expected to propel the market growth. People have started
moving out of their families and are living in rented properties where they can
live an independent life. Furthermore, the sudden outbreak and spread of
pandemic COVID-19 in the country and with prevailing lockdown conditions, the
government has come up with an economic package to give a push to the country’s
economy, which was completely shut down during this lockdown. The government
has made an announcement of providing affordable rental housing facilities to
the migrant workers and poor who have been drastically been impacted by the
pandemic and lockdown. The government is planning to convert the government
funded properties into affordable rental housing complexes. Also, the
government has announced providing subsidies and tax benefits to any private
organization or builder who will be providing rental housing. However, increase
in number of vacant stocks in cities might hamper the market growth through
2025. Besides, poor maintenance of the rented property might also restrict the
market growth. Additionally, low rental yield especially in case of standalone
spaces & villas and the old apartments & buildings might further restrict
the market growth. Also, the concerns of forceful possession of property can
further impede the market growth. Furthermore, security deposit issues can also
hinder the market growth.
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The India rental housing market is segmented based on type, property
type, size of unit, location, company, and region. Based on property type, the
market can be categorized into fully furnished, semi-furnished and unfurnished.
Among these, the fully furnished segment is expected to hold the largest market
share through 2025. This can be attributed to the fact that the working or
student population who have migrated out of their cities, prefer a rented
property which has all the necessary furniture and appliances in order to avoid
purchase of these items. On the other hand, the unfurnished type is expected to
register the highest growth in the market on account of their affordability.
Additionally, any destruction to the amenities of a fully furnished house leads
to deduction of amount from the security deposit money. Also availability of
platforms like Rentickle, Rentmojo, among others, provides all the necessary
household furniture and appliances at affordable rates with their guarantee of
maintaining and replacing the rented items in case of any problem. This in turn
has increased the trend of renting unfurnished houses, where people have
started renting the essential household items from these businesses. Based on
location, the market can be bifurcated into metro and non-metro. Here, the metro
segment is expected to dominate the market owing to the affordability
constraints pertaining to premium houses especially in Tier 1 cities. This has in
turn increased the demand for rental housing.
Nestaway Technologies Private Limited, Zolo Stays, ZiffyHomes, OYO Life,
CoHo, Stanza Living Company, Grexter, Housr Technologies Pvt Ltd, Stayabode
Ventures Private Limited, SimplyGuest and others are some of the leading
players operating in India rental housing market. The companies operating in
the market are using organic strategies such as product launches, mergers and
collaborations to boost their share.
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“India rental housing market is expected
to witness significant growth during the forecast period on account of the
increasing affordability or budget constraints for home ownership.
Additionally, availability of suitable rental housing options with all
facilities and amenities at a good location is further expected to propel the
market growth. Furthermore, the presence of real estate dealers and rental
housing provider companies, which help in providing desirable properties
according to the need and budget, is expected to create lucrative opportunities
for the market growth through 2025.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based India management consulting
firm.
“India Rental Housing Market By Type (Standalone
Spaces v/s Society Based), By Property Type (Fully Furnished, Semi-Furnished,
Unfurnished), By Size of Unit (Up to 400 square feet, 400-800 square feet,
Above 800 square feet), By Location (Metro v/s Non Metro), By Region, Forecast
& Opportunities, 2025”, has
evaluated the future growth potential of India rental housing market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India rental housing market.
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