Pick up in rentals to boost demand for residential realty

With?the pandemic losing steam amidst rising coverage of vaccination , the economic recovery and the opening up of offices is giving a fillip to home rentals, in turn brightening the prospects of residential real estate in the months ahead.

?Following covid, home rentals were hit badly with long lockdowns resulting in closure of offices , forcing employees to give up rented?accommodation and leave for their hometowns.The pick up in work from home (WFH) and remote working also added to dip in rentals. But now normalcy has returned and with the opening of offices and return of professionals, the home rental market is picking up momentum. Most of the companies (more than 60%) have chalked out plans to further ramp up opening of offices in January 2022.. Home rental websites have already reported?58% growth in?tenant registrations in August-September. and there are 15% more enquiries for rental housing . On the back of it, home rentals are set to firm up from January, giving a push?to demand for owning a home.

As economy gains further momentum and more and more offices get opened in the next two months, demand for rented accommodation will go up. This will translate into higher rentals. And as millennial home seekers are increasingly taking to home buying for rental purposes, the rise in home rentals will further improve the home buying sentiment.??