Hey there, renters and investors! It’s time to take a look at what’s been happening in India’s rental market in the second quarter of 2024. According to the latest data from Magicbricks, rental prices have been on the rise across the country’s major cities.
Some cities have seen a particularly significant increase in average rents. Navi Mumbai, Hyderabad, and Ahmedabad have all experienced notable growth in rental prices, contributing to the overall trend of rising rents.
Demand for rental properties has been on the upswing, with a 14.8% increase in the second quarter of 2024. However, the supply of rental units has decreased slightly, leading to higher rental prices.
When it comes to the cities with the highest rents, Mumbai, Delhi, and Thane top the list. But other cities like Greater Noida, Noida, and Bengaluru are also seeing healthy rental rates.
Looking ahead, experts predict that rental demand and prices will continue to grow in the short to medium term. With more rental units expected to become available as construction projects are completed, landlords and investors could see some great opportunities in the rental market.
And if you’re thinking about investing in residential real estate, now might be the time to do it. With average rental yields at 3.6% across the top 13 cities, cities like Ahmedabad, Pune, and Kolkata are offering even higher rental yields at 3.8%.
So whether you’re a renter looking for a new place to call home or an investor looking to capitalize on the rental market, it’s worth keeping an eye on these developments in India’s rental market. Happy renting and investing!
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