In recent years, developing cities like Bhubaneswar, Chennai, Bangalore, and Noida have attracted talents from other parts of the country. This undoubtedly puts huge pressure on the present infrastructure and the residential stock. But still, most people coming from the neighbouring states prefer to look for a flat for rent rather than owning a property. Finding a rental flat is easy and imposes less monetary pressure on people. Rental houses are also in demand among students and executives apart from families searching for budget accommodations.
Why is finding a flat on rent in Bhubaneswar becoming so much popular?
People should acknowledge that nearly every family has lived in a rental flat. A city like Bhubaneswar has experienced a huge influx of population from the neighbouring cities, and thus, the need for rental apartments has increased. People constantly look for a house for rent in Bhubaneswar to meet their accommodation requirements. The key contributing factor is that rental houses are reasonable and more flexible.
Bhubaneswar is the capital of Odisha and is known as “The Temple City.” It is a rising health, education, and information technology hub and a trendy tourist destination. The city of Bhubaneswar has a population of roughly 840,000 and has received several titles and awards – for example, it is:
- American Planning Association honors Smart City Plan of Bhubaneswar the ‘Pierre L’Enfant International Planning Excellence prize 2017.
- The only Tier-2 city where all of India’s top five companies have bases. Wipro, Infosys, Tech Mahindra, Tata Consultancy Services, and Mindtree
- One of the planned Information Technology Investment Areas in India.
- The World Bank ranked as the third best city to do business in India.
All these make Bhubaneswar a popular city to live in among professionals.
Rental opportunities in Bhubaneswar entice a huge cross-section of individuals from diverse age groups. Students and professionals are constantly hunting for a house for rent in Bhubaneswar, and their search ranges from 1 BHK flat to luxurious and premium apartments. These rental homes for the modest income groups are situated near the cheap suburbs. Living in classier and posh areas of Bhubaneswar will entice heavier rents.
With time the city has grown richly and is considered one of the best cities to work and live in. It offers amazing career opportunities and chances for youngsters regarding good education and flourishing startups. The startup culture has grown dramatically here, and this has enhanced the demand for a house for rent in Bhubaneswar. Some popular destinations to find a flat for rent in Bhubaneswar at Jaydev Vihar, Patia, Nayapalli, Shaheed Nagar, Khandagiri, etc. At present, rental properties in Bhubaneswar begin from approximately ₹ 1700, while the average rent in Bhubaneswar is ₹ 13033. Moreover, there are thirty-five areas in Bhubaneswar where the rents are increasing. And there are twenty-two areas in Bhubaneswar where the rents have decreased.
The cost of a house for rent in Bhubaneswar depends on numerous factors. The primary factor is the location of the apartment. A rental flat in Bhubaneswar, located in a posh area and is well connected with the rest of the city, will have higher rent. Similarly, areas with excellent facilities like hospitals, schools, colleges will cost higher. Another consideration is the space of the flat. 3 and 4 BHK apartments will have higher rent than a 1 BHK apartment.
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Apartments in Chennai:
Chennai has witnessed a vast population influx due to the growth in employment opportunities, especially in the manufacturing and IT sectors. This had resulted in a rise in the demand for properties and, as a result, a surge in capital values. A feasible alternative thus is rental. Compared to the increase in the price of residential properties, annual rentals have shown marginal growth.
Places that are well-connected to offices are considered the best places to live. Nearness to the airport and weekend recreational activities are also key influencing factors. Areas like Velachery, Medavakkam, Shollinganallur, Pallikaranai, and Tambaram, have experienced considerable growth in population in the last five years. These areas are not only in close proximity to the city but are also quite affordable. You can thus quickly find a Chennai rental house with all modern amenities.
While property prices increased by six to seven percent from last year, rentals in Chennai rental houses have only experienced a 2.5-5 per cent annual increase in the past 4-5 years. Another interesting fact is that Chennai has a range of rental options available, from standard residential apartments to premium apartments and studio flats, which have changed the setting of the rental market in the city.
The average rental values in areas like Perumbakkam, Shollinganallur, Siruseri, Perungudi, and Taramani, range from Rs 12,000-18,000 per month for 2-BHK flats and Rs 15,000-30,000 per month for 3-BHK houses. The west zone of Chennai is a business hub, with locations like Maduravoyal, Porur, Thiruverkadu, Manapakkam, and Poonamalle, commanding rentals in Chennai rental house of Rs 10,000-12,000 for 2-BHKs and Rs 15,000-25,000 for 3-BHKs.
Nonetheless, searching for a proper rental house in Chennai comes with its individual set of difficulties. Quality of the neighbourhood, accessibility to the workplace, connectivity to other parts of the city, ample living space, amenities, owners’ rulebooks, the value, and budget for money being paid are the key considerations while searching for a good Chennai rental house.