Salaried consumers driving rental real estate demand in Indian cities; suggests data trends by makaan.com

Salaried consumers driving rental real estate demand in Indian cities; suggests data trends by makaan.com

Salaried consumers driving rental real estate demand in Indian cities; suggests data trends by makaan.com

                   • On an average, the majority of renters search online for a property; 71% of the people looking for a                                      rented home on the site have not physically visited any properties

Customers looking for rental accommodations in the Indian cities are mostly families belonging to the salaried section of our society, suggests data trends by makaan.com. An analysis on home renting trends by mProfile, a personalised service for landlords and tenants on makaan.com also reveals that tenants prefer to move in within a week of finding a rented place of their choice. The analysis is based on data available for key rental real estate markets across India in 2018.

What do tenants want?

Of all those who are looking for a rented house across Indian cities, over 69% are salaried employees while 16% are self-employed and 15% are students. Most tenants would like to move in within a week after selecting a house.
                            • Occupationwise breakup: When compared to the national average, the percentage of tenants                                           from the salaried section of society is much higher in cities such as Bengaluru (over 81%),                                                       Hyderabad  (over 77%) and Pune (over 76%). In Mumbai, about 75% of tenants are from the                                                 salaried segment while about 19% own businesses, the highest seen in any city in this category. In                                   Kolkata,  about 19% of people looking for rented homes are students, the highest in any city in                                           this category.
                            • Stay period: The national average reflects most tenants plan to live for at least a year in their new                                    rented places. While about 35% of tenants say they would like to stay for about a year, over 24%                                       say  they plan to stay for two years. A little over 23% say they would want to stay for over three                                         years.  The remaining 18% say they plan to live in their rented accommodations for less than a                                           year.
                            • Prefer online platform: Today, tenants prefer online mediums to shortlist their homes before                                              making   physical site visits. This is evident from the fact that 71% of the people looking for a                                                rented home on the site have not physically visited any properties. Interestingly, in Tier-II cities,                                      the percentage is  slightly higher than the national average, at over 72%.
                            • He versus she: While over 66% of tenants looking for rented homes are men, 30% are women. In                                      Bengaluru, over 36% of people looking for rented homes are women, the highest in any city. At                                           about  69%, the percentage of men looking for rented property is the highest in India’s Tier-II                                             cities.
                            • Family versus bachelors/single: Half of the tenants plan to move in with one partner while 36%                                            say  they would be moving in with a family consisting of 3-4 members. In Kolkata, about 57% of                                         tenants would move-in along with one partner. In Chennai, 48% of people looking for rented                                                homes plan to move-in with 3-4 members.
                            • Food choices: Over half of those looking for rented homes are non-vegetarians while about 49%                                       are   vegetarians.

Commenting on the trends Ravi Bhushan, Chief Product and Technology Officer, PropTiger.com, Makaan.com & Housing.com said, “Makaan.com has captured a major share in the market, and we are over one million listings-strong, far ahead of other businesses operating in this space. Now, our attempt is to offer our customers a uni qu e search experience. mProfile is our distinctive offering and we understand that while an owner or tenant logs on to makaan.com, they are looking at the ease of arriving at their choicest property option.”

What do landlords want?

Most Indian landlords would welcome anyone and have no preference as such.

                             • Family versus bachelors/single: The national average shows that over 61% of landlords have set                                       no specific choice as to who they are more willing to rent their property to. Landlords in Chennai                                      and  Hyderabad are even more liberal on that front, with 68% in Chennai and 67% in Hyderabad                                        saying   they are open. Nationally, only over a third of them have stated a preference for families.
                             • Occupation-wise breakup: Landlords do not have any preferences when letting out their                                                        property,    with 81% landlord open to renting their homes to either salaried, self-employed or                                             student tenants. Only 18% of the landlords surveyed stated their preference for salaried tenants.
                             • Expected duration: While 67% landlords say they have no preference for the stay of their tenants,                                   21% say they expect them to stay for at least a year.
                             • He versus she: While 45% of landlords are welcoming of all tenants irrespective of their gender,                                       32%  prefer men as their future renters while 23% prefer women tenants. Landlords in Mumbai                                           are more willing to rent their homes to women, with 38% saying they want women as tenants in                                      comparison with 23% saying they prefer men as tenants.
                             • Number of tenants: Majority of landlords want only 1-2 people to occupy their rented place, with                                  62% saying so nationally. While all landlords in Chennai say they prefer only 1-2 members to                                             rent  their accommodations, this percentage stands at 80% in Tier-II cities. Nationally, 24%                                                   landlords    prefer to rent to a group consisting of more than four members.
                            • Food choice: 93% of the landlords have set no preference when it comes to food choices of their                                       tenants while about 5% want vegetarians strictly as their tenants.

About  Profile

To make search efficient and relevant, makaan.com asks tenants to list their choices using mProfile. Tenants wo uld need to com p lete their mProfile by feeding in details about their preferences such as when they wish to mo ve in, how many people are moving in, their gender, their work profile, office address, dietary choices, how long are planning to stay, preference of property, localities wi thin three kilometres of popular business districts or of fices, how many property visits have been already made, etc. All this will help makaan.com customise search ex perience for its users.

About Elara Technologies Pte. Ltd.

Elara Technologies Pte. Ltd is a Singapore-based technology services company and is the owner of Housing.com, PropTiger.com and Makaan.com. The company provides digital real estate marketing and transactions services.

Housing.com

Founded in 2012, Housing.com is India’s most innovative real estate advertising platform for developers, real estate brokers & home owners and for consumers searching to buy and rent homes. The company offers the lar gest selection of verified listings in India through a trained team of data collectors, analysts and auditors. The on e-of-a-kind Data Sciences Lab at Housing.com analyses a significant body of information to allow buyers and sell ers to make intelligent decisions. Housing.com was awarded “website of the year” at the Realty+ PropTech Aw ards 2019.

PropTiger.com

PropTiger.com is India’s leading digital real estate advisory firm offering a one-stop platform for buying reside ntial real estate. Founded in 2011 with the goal to help people buy their dream homes, PropTiger.com lev era ges the power of information and the organisation’s deep-rooted understanding of the real estate sector to br ing simplicity, transparency and trust in the home buying process. PropTiger.com helps home-buyers through the entire home-buying process through a mix of technology-enabled tools as well as on-ground support. The com pany offers researched information about various localities and properties and provides guidance on matters pertaining to legal paperwork and loan assistance to successfully fulfil a transaction. Since inception, the PropT iger.com team has facilitated the sales of close to 25,000 homes worth nearly US$2.2 billion.

Makaan.com

Makaan.com was acquired by Elara in May 2015, with a vision to establish a true “marketplace” in real estate. Wi th consumer ratings on more than 30,000 sellers, credible listings data and real-time intelligence on property se arch, makaan.com has quickly emerged as the preferred partner for consumers looking to rent, buy or sell a ho me. With its unique post-paid advertising fees model and value proposition of no upfront fees for sellers, maka an.com has grown to have more than 50,000 active sellers with over 16,000 active brokers in a short span of ti me. makaan.com offers its online consumers the maximum property options and has become one of the largest advertising platforms in online real estate in India with over 1.1 million residential properties listed across the country.

Makaan.com was recently selected as a runner up in the Most Innovative Platform category at a global event in the ICMA event held at Vienna, Austria.