Despite an 18% increase in rent observed last year, 2 and 3-BHK flats on rent were in highest demand in Mumbai, according to a report by an online home rental portal.
The report by NoBroker, based on a study of the renting habits of Mumbaikars, observed that 70% of the people rented houses in 2018 through online portals instead of using traditional methods including brokers, family members of friends.
It has predicted that 54 % of the tenants in 2018 will buy their own houses in 2019. Saurabh Garg, co-founder and Chief Business Officer of NoBroker said, “Initially, 90 to 95% of real estate deals used to take place with the involvement of brokers who used to charge a huge amount of money from customers. Now, with a shift towards online portals the need for the middleman is declining.”
NoBroker’s study said since work and marriage are the main reasons people change houses, single people select their locality based on proximity to the workplace, while married couples tend to prefer houses near their children’s schools.
Due to the myriad hassles experienced during house hunting, 17% tenants preferred to start their search three months before they were due to move, while 50% people started their hunt only fifteen days prior to their occupancy.
Delving into the demographics of the tenants in Mumbai, the report said that 43% tenants stay with a spouse, 28% with parents, 11% with friends, six % with partners and 15% stay alone.
As per the report, Mumbai topped the list of cities for security deposit paid by tenants.
It also observes that 36% tenants preferred to check the vaastu of the house before moving in, 53% preferred their residences near their workplaces and 58% deemed the safety of their neighbourhood to be a priority.
