The report said that 2 BHK units commanded a significant 53 percent share in both demand and supply, followed by 1 BHK (27 percent), and 3 BHK (18 percent) shares.
The rental demand across 13 major cities in India increased 18.1 percent in the second quarter of the calendar year 2023 (Q2 CY2023), while rents soared by 4.9 percent compared to the previous quarter, according to a report by Magicbricks.
The report titled Rental Index for April-June 2023 also pointed out that the supply increased by 9.6 percent in Q2.
The National Capital Region, or NCR (27.25 percent), Mumbai Metropolitan Region, or MMR (18.35 percent), Pune (19.3 percent), Hyderabad (22 percent), and Bengaluru (12.8 percent) witnessed the highest increase in rental demand.
The report also observed that cities such as Bengaluru (8.1 percent), Navi Mumbai (7.3 percent), and Gurugram (5.1 percent) displayed the highest increment in average rents quarter-on-quarter (QoQ). However, Delhi (- 0.9 percent) and Mumbai (-0.1 percent) witnessed a marginal decline in rents QoQ.
"The return to office culture boosted the need for workplace-proximate housing while educational institutions resumed in-person activities, drawing students back to city centres. 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," Sudhir Pai, Chief Executive Officer (CEO) of Magicbricks, said.
