Searches for rented homes surge with opening of schools, offices in Apr-Jun: Magicbricks

Realty portal Magicbricks on Wednesday said the searches for rented homes on its platform has increased 84 per cent year-on-year during April-June with the reopening of colleges and offices.

The cumulative rental housing listings on its platform rose by 28.1 per cent YoY across the 13 cities mapped, the portal said in a statement.

Magicbricks did not disclose the actual number of searches as well as listing of rental homes on its platform.

Sudhir Pai, CEO, Magicbricks, said, “With schools and offices reopening, the workforce and students are moving back from their native cities to the metros, leading to an increase in demand for rental homes.'' The report said that that demand for rental housing has increased near schools with the reopening of educational institutions, and employment hubs as employees return to their workplace for at least two to three days a week.

The asking rent increased 8.4 per cent QoQ (quater-on-quarter) with Hyderabad, Bengaluru, Noida and Pune witnessing maximum growth of 14.3 per cent, 13.5 per cent, 10.7 per cent and 9.5 per cent.