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Rediff.com  » Business » Home rentals rise even in slow realty market

Home rentals rise even in slow realty market

May 13, 2014 15:24 IST

Image: Despite a slowdown in real estate market, rentals are on the rise.
Photographs: Reuters Mansi Taneja

While buyers are in a wait and watch mood, the home rental market is headed north. It has seen a 15-20 per cent rise in values over the past year across many markets, irrespective of the slowdown in the property sector. 

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Home rentals rise even in slow realty market

Image: Home rentals are moving upward in major markets like Mumbai and Delhi.
Photographs: Reuters

Experts say rents are up because prices went up irrationally in several major markets.

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Home rentals rise even in slow realty market

Image: Office-goers prefer to rent a flat then buying it on loan.
Photographs: Punit Paranjpe

In spite of low sales, prices of residential units did not come down, thereby pushing rentals up due to high demand.Brokers based here and in the National Capital Region, whom Business Standard spoke to, say there has been no impact of the slowdown elsewhere on the rental market.

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Home rentals rise even in slow realty market

Image: There is nearly a 20 per cent rise in home rentals in major markets.
Photographs: Reuters

A broker in north Delhi says. "Locations where rentals had gone up earlier did not see much rise but the mid-end rental market is booming. There is a 15-20 per cent increase in rental values.”

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Home rentals rise even in slow realty market

Image: Industry watchers say, its difficult to say whether home rentals will go down anytime soon.
Photographs: Reuters

Despite declining sales, property brokers, many also small-time developers, are busy redeveloping houses 25-30 years old, with changes in design and facilities, and more space.

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