May-June marks the peak time for rental housing. The summer holidays and the beginning of the new school session is often the time that many people choose to move their families to minimise any disruption. But as the imbalance between supply and demand persists, there is a scramble for well-designed and located apartments in cities like Bengaluru and Mumbai.
ApnaComplex Rentals makes the process easier for tenants with extensive listings from the leading gated communities across the country. Available on the app and the web, it is easily accessible and allows users to view available properties in different cities. Backed by extensive background checks, each listing is also vetted for authenticity.
Bidding for apartments
So frenzied is the search for apartments that tenants are now reportedly bidding for the best apartments. According to recent reports, prospective tenants in Bengaluru ended up bidding for an apartment in a prime location. In another case, a tenant was left stranded after a landlord changed his mind after receiving a higher bid from another tenant.
This is not an uncommon practice in cities where real estate is premium. In New York, tenants often have to bid for any apartment with a half-decent address. Brokers often let prospective tenants know in advance that they would be bidding for the best rent and commission! Similarly, cities like Sydney haven’t been able to banish bidding wars despite governmental opposition.
Lagging supply & soaring rentals
The frenzy is driven by a supply that still seems to be lagging behind demand which shows no signs of slowing down. The spike in demand occurred first in 2022 as offices started opening up. However, supply was impacted as new developments were halted during the COVID lockdown. This skewed the balance, leading to insufficient supply.
As the economy further opens up, the situation has not improved as most new developments in these cities are still under construction. Housing rents went up by 20%-30% in the top 7 Indian cities with some micro-markets in cities like Bengaluru seeing close to a 40% spike. Read our article on the rental boom to understand what’s driving it and why it’s here to stay. With the peak time for rental housing hitting the market, supply has slowed down further.
ApnaComplex Rentals to the rescue
ApnaComplex Rentals offers all-inclusive rental management services that ease the job of finding a suitable home in a gated community. You can filter your search by location and gated community to find the most suitable match. The on-ground team can also help you with site visits at a suitable time as well as facilitate negotiations with rent and rental deposits.
Online listings are also highly convenient for people who are relocating to another city. Backed by diligent verification of each listing, they can be assured of a reliable and trusted experience.