Tenant patterns in Hyderabad have undergone significant shifts, accompanied by a noticeable rise in rental budgets, according to the NoBroker’s January-June 2023 real estate report.
As work routines return to normal and individuals seek closer proximity to their workplaces, rental prices have started to soar. The dominant trend shaping the first half of this year is the surge in rental costs.
This upward trajectory could be attributed to the increasing preference among residents to reside near their workplaces. This demand for properties in close vicinity to offices and tech parks is outpacing the available supply, leading to an intense competition for the limited housing options. Seizing this situation, a significant number of landlords have leveraged the opportunity to raise their rents by more than 20 per cent.
Interestingly, this surge in rental prices is not limited to Hyderabad alone. It’s a nationwide phenomenon. The data indicates that a significant 66 per cent of tenants in Hyderabad have reported an expansion in their rental budgets.
Another notable trend emerging is the growing preference for more spacious accommodations. This mirror evolving residential preferences, possibly driven by the extended hybrid work arrangements that many are adopting.
Given the scarcity of properties within gated communities, a considerable proportion of respondents in Hyderabad are now opting for standalone buildings. Despite higher costs associated, 59 per cent of Hyderabad residents preferred renting homes that are in closer proximity to their workplaces or their children’s schools. It was observed that a majority of landlords in the city (around 30 per cent) are increasing rents to compensate for the rental losses suffered during the pandemic years.
