Expanding gig economy and burgeoning millennial population are significant factors driving the growth of the India rental housing market during the forecast period of 2024-2028.
According to TechSci research report, “India Rental Housing Market – By Region, Competition Forecast & Opportunities, 2018-2028,” the India Rental Housing Market is expected to register a robust growth and expand during in the coming years. 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 2028. 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 the COVID-19 pandemic 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 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.
Shared rentals are in high demand as India is expanding gig economy and burgeoning millennial population. Home ownership is secondary for the millennial generation in favor of job mobility and location flexibility. Homes are instead seen as temporary possessions that can be improved as a person progresses in life. This one-of-a-kind demand opportunity created by millennial spending proclivity has attracted a lot of private equity investment and a new generation of entrepreneurs to the co-living segment. Many developers have made plans to enter the co-living market, including the Bengaluru-based Puravankara and Embassy Group. Hotel chains like Oyo Hotels & Rooms and Lemon Tree Hotels, which are exploring the fully managed housing rentals market for the millennial age group, have shown a lot of interest in this subsegment of the rental housing market. Young people are attempting to avoid the numerous issues that come with renting an apartment, such as brokers dominating the disorganised and fragmented landscape, arbitrary rules, crowded housing space, and disputes with landlords, as they relocate to new cities. While the co-living market and other short-term rental option businesses are thriving, the employer-provided housing trend is fading.
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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 2028. 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 to avoid purchase of these items. On the other hand, the unfurnished type is expected to register the fastest 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, the availability of platforms like Rentickle, Rentomojo, 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.
Major companies operating in the India rental housing market are:
- Nestaway Technologies Private Limited
- Zolo Stays
- ZiffyHomes
- OYO Life
- CoHo
- Stanza Living Company
- Grexter
- Housr Technologies Pvt Ltd
- Stayabode Ventures Private Limited
- SimplyGuest
Various companies operating in the market are following strategies such as mergers & acquisitions, collaborations & partnerships, among others to stay competitive and have an edge over other market players.
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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 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research- management consulting firm.
“India Rental Housing Market By Type (Standalone Spaces, Society Based), By Size of Unit (Up to 400 square feet, 400-800 square feet, above 800 square feet), By Property Type (Fully Furnished, Semi-Furnished, Unfurnished), By Location (Metro, Non-Metro) By Region, Competition Forecast & Opportunities, 2018-2028,” 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 the India Rental Housing Market.
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