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LinkedIn Profiles & Rising Rents: How to Hunt for a Home in a Landlord’s Market

If you are looking for a home in cities like Bengaluru or Mumbai, chances are that you have been having some bad luck. Apart from the circus of juggling between different brokers, there are now landlords who want a CV that seems more demanding than a high-position job in a Fortune 500 company. 

This makes it challenging to look for a home in a high-demand location. All too often we may be settling for less than the desired goal. ApnaComplex makes the process easier by taking the hassle out of this search. You can now search for your next home in a gated community with just a few clicks and benefit from end-to-end rental management services, including negotiation support. 

Why is it a Landlord’s Market?

The residential property market has bounced back with a bang after a nearly two-year COVID slump. This can also be seen in the housing rental market where rents have gone up by at least 10%-20% across every major city. There are multiple reasons for this jump, including: 

  • People moving back to metros as offices open up
  • It’s a long overdue correction on rent hikes 
  • A lagging supply coupled with high demand means that landlords can dictate their terms. 

You can read our article on the rental boom to understand the factors driving the demand and why it’s here to stay. 

Tips for Scoring a Rental

It helps to be prepared in a highly competitive rental market. You can ease the effort of finding a home by being smart and strategising ahead. 

  • Keep your paperwork ready. This can include bank statements and references
  • Make sure you have enough funds to make the security deposit. This should be available at short notice.
  • Have realistic expectations. Do some research on prevailing rental rates to estimate how much you may have to pay. 
  • Keep your references ready. This can include testimonials by employers, past landlords, and other trusted sources. 
  • Put your best foot forward. It’s not unusual for landlords to ask for an interview or call before finalising a tenant. Make sure you are ready to make your case.  
  • Search ApnaComplex to find the best options.

Finding a Home with ApnaComplex Rentals

Now, you can easily find your next home with ApnaComplex Rentals. The easy process allows you to look for a home in a gated community. You can find a verified landlord and get extensive support in finalising your rental home. 

  • Search for home by your preferences 
  • Go through extensive property listings
  • Submit your details
  • Get access to gated communities in the ApnaComplex network

To help tenants in a competitive rental market, Estate Portfolio Managers (EPMs) manage end-to-end rental requirements that include rent negotiations, helping both landlords and tenants to reach a mutually beneficial agreement. With KYC and background checks, they also help tenants in assuring landlords of their dependability. As a trusted and verified platform, ApnaComplex Rentals creates a smooth and fast funnel to source and finalise homes. 

Tenants can also benefit from discounts on a wide range of home services, including movers and packers, cleaning and pest control services. In short, they can meet all their needs, from finding a home to leading negotiations and moving in, on a single platform. 

Learn more about navigating the landlord market in our article here. If you want to know more about ApnaComplex Rentals, write to us at rentals@apnacomplex.com.


Home rental management company

What it Costs to be a Landlord: Factors to Consider Before Renting your Home

Real estate is a long-term investment with steady capital appreciation. A rental income is a valuable tool in maximising the investment potential and ensuring that the property can pay for itself. However, this calculation often ignores the full cost of being a landlord which can range from property tax to regular home painting.  A home rental management company can help minimising these costs while maximising the rental income.

Factoring in these costs is important in calculating your liabilities as a homeowner. It also gives you a realistic picture of your true rental income.

Cost of being a landlord

Some fixed costs come with owning any property, such as property tax. In addition, you may be paying regular EMIs on your home loan. Even with inherited property, you cannot avoid some recurring expenses. Here are some of the key expenses that every landlord must consider:

Taxation 

Every homeowner has to pay the property tax irrespective of its rental status. But this may differ from state to state. For instance, property tax is based on market value in Mumbai, while in Delhi, it’s based on the built-up area. In addition, you may also have to pay tax on rental income. Do check deductions based on home loan interests and expenses incurred in the repair or maintenance of the property. 

Home loan EMIs

If you’ve bought the house on loan, you are probably still paying off the loan. In most cases, the EMI will exceed the rental income. This is a recurring expense and can be a considerable burden. 

Non-occupancy charges

Where the home or apartment is lying vacant, the landlord is liable for paying non-occupancy charges. This fee is charged in lieu of maintenance charges. Failure to pay non-occupancy charges can result in the society declaring the homeowner as a defaulter. They can also refuse to issue a no-dues certificate when the owner decides to rent or sell the property. You can read more about non-occupancy charges in this article.     

Regular maintenance and upkeep

Every house needs regular maintenance whether it is occupied or not. Depending on the terms of the rental agreement, some repairs and maintenance are the responsibility of the tenant. However, major repairs are usually under the purview of the landlord. This includes structural repairs like leaking roofs. 

Maintenance costs are often a major source of acrimony between landlords and tenants. A rental agreement is vital in avoiding such disputes. Read here to learn more about rental agreements and how a home rental management company can help in negotiating the best term for you. 

Insurance charges

Given the high cost of real estate, it’s a good idea to get property or landlord insurance. The insurance protects you from damage, theft, liabilities, and loss of income. While this is an added expense, you should see it as a necessary precaution. 

Utility payments

The tenant is typically responsible for paying the cost of utilities like electricity and broadband. However, the custom may change depending on the micro market and the rental agreement. For instance, utilities like the water bill may or may not be part of the rental. 

Loss from home vacancies

Your flat will fall vacant from time to time. You will be responsible for expenses like utilities, maintenance costs, and non-occupancy charges during such periods. You may also have to consider paying a property manager for its upkeep. A new tenant will require additional spending in ensuring that the house is ready for habitation. This will include painting, deep cleaning, and other repair costs. Finally, you must also factor in the loss of income during the vacant stage. 

Tenant search costs

This includes costs associated with searching for tenants, like brokerage. You may have to pay a specialist to conduct a background search for your peace of mind. In addition, you will incur advertising or listing costs if you are planning to directly market your home. Finally, you must factor in the time spent looking for and finalising a new tenant. This will also include the time spent conducting site visits, particularly if it affects your non-rental income.

Renegotiation costs

Continuing with a tenant helps in avoiding the tenant search costs which can be considerable. You also completely avoid any loss of income from non-occupancy. Renegotiation is also important in hiking the rent to keep up with the market rates and maximise rental income. But it usually comes at a cost. The tenant may ask for additional services such as home painting, deep cleaning, or other repairs.

Want to maximise your rental income? Read about how a home rental management company can help in  Our Seven Smart Tricks for Getting the Best Rent for your Home.

As a home rental management company, ApnaComplex Rentals offers a highly cost-effective alternative with hassle-free listing. The end-to-end rental management services include support with site visits and rental negotiations. It also includes KYC and background checks. With a record of high rental yields, ApnaComplex further helps in offsetting the costs of being a landlord. Read more about 


A Landlord’s Guide: 4 Things To Consider While Renting Out Your Apartment

As buying land or property is typically an expensive affair, renting an apartment becomes the preferred option for large sections of people, be it the newlyweds or those moving out to live closer to a workplace. In an atmosphere where affordable housing is in high demand, renting out your apartment is beneficial to you. So if you are looking to do so, here are the four important things you should consider

I. Offer a market-competitive rent

Deciding on the rent you will charge is important. Renting out your apartment is a competitive affair. You will need to be aware of the average rents being charged in your area. Once you’re aware of the number, you can set your rate depending on more or less what you can offer to the prospective tenants.

Consider quoting a reasonable rate. If you quote low, you may end up with many tenants, but at an opportunity cost. On the other hand, if you quote too high, you risk not getting approached at all.

II. Draft a water-tight, but fair, rental agreement

There are just a handful of things you need to know about laws, including contracts and insurance. The laws are more or less balanced. They’re neither tilting towards the owner nor the tenant. Verification is made mandatory for signing the rental agreement.

Take professional help if required in drafting the rental agreement. It will make you as well as your tenants confident, as it will protect the interest of either party. Ensure that the agreement contains such information as the description of the entire property, facilities provided, the date on which the rent should be paid every month by the tenant, a clause related to termination, security deposit, maintenance charges, and TDS.

Add anything else you think is important, and state explicitly. Any difficulty in understanding the agreement should be avoided.

III. Ensure you have all documents ready

One of the three important documents, namely lease deed, rental agreement, and license agreement will come in to use while renting out your apartment. If you’re renting out your apartment for a period of fewer than eleven months, you will require the rental agreement. For a period of more than eleven months, a registration is necessary. You then need to issue a lease deed. The expenses will be shared between you and your tenant. The local police should have a copy of all the necessary tenant details.

IV. Get the house ready for the move-in

Renting out your apartment involves a certain amount of commitment on your part as well. It’s your responsibility to ensure that your tenants are provided with a healthy and safe living environment. Consider having the entire house cleaned up and checked for electrical safety. Ensure all leaks and breaks are fixed.

What is more is, you have to provide your tenants with a signed receipt for rent payments. Lastly, at the time of eviction, it is important to serve a notice period (by both you and your tenant.) This notice period should be specified in your rental agreement. Again, this helps safeguard both the parties in the agreement.

As a landlord, these are the aspects you need to address. Eventually, we are sure your apartment will be a popular choice among tenants.


Maximise rental income

Get the most out of your rental income

When rentals are soaring, do you find your rental income falling short? Even in a landlord market, the cost of being a homeowner is quite high. Rent ensures regular returns on a real estate investment. For those with home loans, it is also essential to reduce the burden of EMIs. 

Getting the most out of your rental income is, therefore, key to maximise your earning. To achieve this, you must boost your rentals while reducing expenses. With ApnaComplex Rentals you can ensure that costs are minimised while the income is maximised. 

How to get the most out of your rental income?

Here are some simple tips to maximize your rental income:

Determine the rental value of the property

The rental value of the property will depend on its market value and the prevailing rental rates in the area. The market value of the property can change due to a number of factors. This includes infrastructure developments in the area such as an upcoming flyover or opening of a metro station. Similarly, the value may also fall due to factors like a decline in circle rates. 

The prevailing rental rates are even more important. While you may want to maximise your income, make sure that it is not inordinately higher than the current rates. When pushing the rates to the higher end, make sure that the house is worth the higher amount. 

Renegotiate 

Continuing with the same tenant is always advisable. The extent of the rent hike will be dictated by the lease agreement. You can renegotiate the terms once the lease expires, especially if the rental rates in the micro market have also gone up. Keep in mind that your tenant may ask for certain concessions in return. These can include painting and deep cleaning or carrying out enhancements to the property. 

Be prepared with other concessions that you can extend when renegotiating. For instance, a tenant may ask you to lower your asking rate for a longer lease period. In this case, a lower rent may be acceptable for the assurance of renting out to a reliable tenant and avoiding the cost of any extensive renovations. 

Spruce up the property

People will pay a higher premium for a property that looks good. A simple deep clean and painting job can make a huge difference.

Consider upgrades

You can go beyond the general sprucing up by investing in some serious upgrades. For instance, invest in modular fittings in the kitchen or install well-done cupboards in the bedrooms. Furnished flats command a higher rent. You can also invest in home appliances like AC units or embedded devices like smart door locks. These upgrades should be viewed as long-term investments in raising the value of your property. 

Retrofit with energy-efficient solutions 

A home that helps a tenant cut energy consumption will command a higher rent. An independent house such as a villa or a row house is easier to retrofit with solutions like solar panels and insulated roofs. Even apartments can have simple modifications like window glazing or installing mesh doors and windows. You should also take advantage of other facilities in your gated community, such as getting a piped gas connection for the kitchen. 

Reduce vacancies 

Vacancies are one of the costs of being a landlord. Other than the loss of rental income, also consider the cost incurred in looking for a new tenant. This is why renegotiating with an existing tenant is preferred. You can also look for tenants who want a long-term lease. 

Screen tenants 

You may want to charge a high rent but is your prospective tenant capable of paying it every month? Screening a tenant is important to ensure that your tenant is not misrepresenting his/her income. 

Reduce your EMI cost

Far too often we think of our home loan as the non-workable part of our debt with terms that cannot be changed. However, as with everything, your home loan can also be renegotiated. You can explore refinancing with lower interest rates. However, you may have to meet certain eligibility criteria to qualify. 

You can explore other options, such as bargaining for lower interest rates based on your credit score, tenure extension, or part prepayment if possible. If you are just applying for a loan, you can also check out hybrid loans with a fixed rate for the initial few years followed by a prevailing floating rate of interest.

Take advantage of tax cuts

To get the most out of your rental income, you have to reduce your tax obligations. Check all your deductibles including the property tax and home loan interests. You can also claim up to 30% deductions for renovations and repairs. 

Use a different rental strategy

Looking for a reliable tenant can be very challenging as well as resource-consuming. Altering your rental strategy can do the trick if you find yourself hitting a wall in your own efforts. ApnaCompelx Rentals ensures that you can get the best deal. You can list your home and get personal assistance from an Estate Portfolio Manager. You can also benefit from the following:

  • Freedom from site visits saves your time and effort.
  • Negotiation support to help maximise your rent.
  • Assistance with a rental agreement to ensure that all the terms are hammered down.
  • Offers on services like cleaning and painting on the ApnaComplex app. 
  • Tenant KYC and background check to ensure reliability.

Here are some more smart tricks you can try to boost your rental income. If you want to know more about ApnaComplex one-stop rental management services, call us at 0120 71173344 or write to us at rentals@apnacomplex.com


How to navigate a landlord's market

It’s Boom Time for Rental Housing Demand. What Does it Mean for You

The rental housing market is going through a boom with major metros seeing a hike in prices when compared to the pre-COVID period. Housing rents in Mumbai Metropolitan Region and Bengaluru have gone up by as much as 15-20%. In Pune, the hike is anywhere between 10-20% while the NCR has seen a 10-15% rise. Similarly, rents have gone up by 8-10% in Chennai and by 5-10% in Hyderabad and Kolkata. 

What do these developments mean for landlords or tenants? Even as property owners try to maximise their profits, what can it hold for renters who are desperately seeking suitable accommodation? How do both of them find the best possible deal? 

If you need help in navigating this landlord market, ApnaComplex offers a one-stop rental and resale management service. The all-inclusive services start with scouting for rentals, and includes assistance in digital rent agreement, move-in/move-out, and collecting rents. 

The Housing Rental Boom

This price hike indicates a much-needed correction after a two-year-long COVID slump when rentals were slashed or plateaued. Job losses coupled with many professionals moving to their hometowns saw rentals falling in metropolitan areas while there was increased interest in smaller towns. 

As offices open up and people return from their hometowns, there has been a surge of demand in bigger cities. On the other hand, new developments came to a halt during the last two years, resulting in the current shortage of housing options, especially in premium gated communities. Together, these factors have led to a landlord’s market where the homeowner pretty much gets to set the terms. 

As a Landlord

For homeowners, it makes sense to cash in on the current boom to recover losses. Apartments, condos, or villas in most gated communities are likely to find takers within minutes of posting a listing. In this scenario, there are two key factors that homeowners have to keep in mind:

  • Finding out the rentals in the area to ensure maximum yield
  • Ensuring a reliable tenant who has the capacity and willingness to pay rent on time. 

These issues can be challenging for many homeowners, especially if they are not located in the same area. With fluctuating rentals, it can be difficult to keep track of the current rates. Similarly, tenant verification takes time and effort that may not be possible for every homeowner.

With ApnaComplex, Rentals homeowners have the means to meet all these requirements in one place. Through a dedicated Estate Portfolio Manager (EPM) they are informed of current rates. The manager also helps homeowners to scout for suitable renters, assist in the move-out process, and carry out tenant verification.

As a Tenant

A landlord market means a tough time for tenants as they scramble to find suitable accommodation within their budget. In this scenario, they may be forced to pay more than expected while settling for a home that is often less than their ideal standard. For tenants the main factors to keep in mind are:

  • Finding the best deal for their money
  • Ensuring a rental agreement is in place 
  • Go with a verified landlord

As a rental management service, ApnaComplex helps both the tenants and homeowners reach a mutually agreeable deal. This is followed by a duly-signed rental agreement to protect the interests of both parties. A verified repository of rental properties means that tenants can also trust the veracity of the listings. With an EPM acting as a single point of contact, the platform also eliminates the need to work with multiple brokers.

As property owners aim at maximising their rental yields and tenants try to find a suitable accommodation, ApnaComplex offers them a highly viable alternative where both parties can find an acceptable solution. With reduced fee for ApnaComplex users and no upfront or sign-up fee, it is also a more economic alternative.

If you want to know more about ApnaComplex one-stop rental management service, call us at 0120 71173344 or write to us at rentals@apnacomplex.com


Brief guide to Society maintenance charges

Know all about Society Maintenance Charges

One of the expenses of living in a gated community is the maintenance fee. It is the price one must pay to avail of the amenities and facilities. As a regular expense, it can significantly raise your cost of living. Hence, it’s important to understand society maintenance charges and what they consist of. 

What are society maintenance charges?

Maintenance charges are imposed on homeowners for the upkeep and repair of communal spaces and utilities like lifts, clubhouses, and generators. The calculations and inclusions in maintenance charges can differ from one society to another. 

Landlord or tenant- who pays the maintenance charges?

The responsibility of paying the maintenance charges depends on the micro-market customs. For instance, it is typically included in the total home rent in Mumbai. Hence, the landlord is responsible for making the payment. In Bengaluru, the onus of paying the maintenance charges usually lies with the tenant. 

Irrespective of your location, it is always advisable to fix this responsibility in the rental agreement. Find out more about the importance of a rental agreement here

What does maintenance consist of?

Maintenance charges can vary to some degree according to the society’s size and its bye-laws. However, broadly they will include: 

  • Expenses covering the repair and maintenance of buildings and assets like lifts.
  • Parking charges 
  • Property tax
  • Water bill
  • Sinking fund 
  • Non-occupancy charges (where the homeowner is not residing in the home)
  • Service charges such as housekeeping and security
  • Other charges, such as election funds.

What are the criteria for calculating society maintenance charges? 

Maintenance charges are often one of the biggest sources of conflict in gated communities. Reasons can range from disagreement over the inclusions to the mode of calculations and the amount charged. Hence, it’s important to understand how these are charged. There are three main criteria in calculating maintenance charges:

Based on size: The common practice is to fix the charges as per the size of the apartment or home. Unfortunately, this can often lead to conflict if the amount is disproportionately high for residents with larger flats. 

Equal charges: This fee, based on a certain formula, is common in residential complexes where all the houses are almost the same size. 

Hybrid charges: The hybrid system is a combination of fixed and variable amounts. Some components are calculated based on the size of a unit while other are levied equally. For instance, common amenities like swimming pools and lifts are fixed equally. Other factors like additional parking space, repair and maintenance charges may be decided as per the size of the unit. This is seen as a fairer system as the size of a unit is considered only when applicable. 

Is it mandatory to pay society maintenance charges?

Are you liable to pay maintenance even if your flat is lying vacant? Yes, if the society bye-laws specify so. In fact, the society can impose a reasonable penalty for non-payment of charges. They can also initiate legal proceedings to recover dues with interest. 

Know your society maintenance charges with ApnaComplex

Find out about your gated society maintenance charges by checking the bye-laws in the ApnaComplex app. You can find them under the ‘My Unit’ tab in the bottom navigation panel. 

Given the importance of maintenance charges, it is also critical that the responsibility for its payment is specified in the rental agreement. Defaults can result in large penalties for the landlord. At the same time, tenants can lose access to communal amenities and facilities. ApnaComplex Rentals offers end-to-end support that includes assistance with finalising a rental agreement. 

Write to us at rentals@apnacomplex.com if you want to know more about ApnaComplex Rentals.


Improving the Tenant Experience

Enhancing Tenant Experience with Rental Management Services

A rental property is a valuable investment property. However, managing a rental property can be challenging, especially for absentee owners like non-resident Indians. Even owners living in the same city can find it difficult to be available for site visits or handle queries from prospective tenants. 

On the other hand, tenants today expect appropriate returns for their money.  With the high value of rentals, they expect a smooth journey during the negotiation and closing process. ApnaComplex Rentals management services focus on enhancing the tenant experience, connecting them with the landlord, and ensuring that their interests are protected. 

What are rental management services?

Rental management services offer an all-inclusive approach, bringing together both landlords and tenants on the same platform. For instance, ApnaComplex Rentals offer a hybrid offline-online approach to ease the rental journey, from search and discovery to move-in. Read in detail in our article ApnaComplex Launches Rental Feature. Now, Move within Leading Gated Communities with Ease.

Enhancing tenant experience

In an industry dominated by unregulated small brokers, rental management solutions like ApnaComplex Rentals have carved a niche in a very short time. Their fast-emerging market position comes from the ability to deliver a superior service standard. This includes tenant-oriented services like:

Connecting with landlords

Landlords have to be available to answer the tenant’s queries and site visits. This can be challenging for most landlords even when they are in the same city, let alone for non-resident homeowners. ApnaComplex rental management services help tenants to connect with landlords. Unlike a landlord, the tenants can reach out to the rental manager at any time.

Convenient scheduling

When do you go for a site visit? Multiple tenant tours are one of the biggest problems for landlords. They have to juggle visits with their other commitments. Hence, tenants often have to wait for days for a suitable time. With a rental manager, you have the convenience of fixing any time for site visits. 

Negotiation support

Once a property has been finalised, property negotiation is one of the biggest hurdles. Rentals management services work with both landlords and tenants to reach a mutually agreeable rent. Responsible managers can also guide tenants to find properties within their affordable range. They can also help tenants to negotiate their high rental deposit. Read more about How People are Arranging for a Rental Security Deposit.

Trusted properties

Tenants have to stay vigilant against rental and lease scams. With an absentee landlord, it can be difficult to check their validity and authenticity. Recent reports show that tenants are being scammed out of their savings in the guise of immediate leases. To remove any possibility of such scams, ApnaComplex Rentals thoroughly vets every property. To find out more read, Rental & Lease Scams: What they are & How to Avoid them.

Legal compliance

One of the critical differences created by rental management services is the regularisation of the home rental industry. Barring a few states, there are no set rules regarding rental agreements. ApnaComplex Rentals ensures that both landlords and tenants have a signed agreement that protects both their interests. As a legal document, it is binding on both parties. You can find more details in our article, What is a Rental Agreement & Why you Should Get One.

Move-in support

One of the unique advantages of ApnaComplex Rentals is the end-to-end support it provides the tenants. This support is extended from negotiation to move-in support. Renters can find home services like movers & packers and deep cleaning services. 

Visit realty.apnacomplex.com to know more or write to us at rentals@apnacomplex.com.


Home Rental Management: Trends & forecasts

Hybrid Approach & Rising Rents: Evolving Trends in Home Rental Management Services

The real estate sector saw some turbulent times in the recent past. A slump in revenues during the initial COVID period was followed by a robust recovery in 2021. The rental industry also went through a similar recovery with record rents reported last year. What does the future hold for home rental management companies?

Trends in rental management services

Here are some of the emerging trends that will dictate the industry in the coming months:

Lagging supply to dictate soaring rents

House rents jumped by 23% in the 2019-2022 period. An ANAROCK report shows that even luxury markets have seen an 18% growth in the same period. With supply still lagging behind demand, this trend is expected to continue its upward curve in 2023. The gap in supply can be traced to the pandemic when construction came to a complete halt. With the available inventory still falling short of the demand, rents are expected to rise further. 

Evolution of hybrid approach

Traditionally, the rental market was run by local brokers. Online portals entered the market majorly as a listing platform. However, the trend has now moved towards hybrid services where online access is backed by personalised services.

ApnaComplex is a home rental management company that offers extensive listing to ease the process of finding a home or tenant. In-person services by Estate Portfolio Managers help tenants and homeowners through the process. Read our article to know How ApnaComplex is Driving the Change in Rentals.

Proptech taking the lead

Like other industries, technology is changing the game in the home rental industry. Today, the average person is more likely to look for a home or tenant online. Proptech like ApnaComplex Rentals allows landlords to list their property without any hassle. At the same time, it makes it easy for tenants to find a home. Other solutions include rent payment, easy data access, negotiation and rental agreement support. Other benefits like tenancy score can be gamechanger in securing a desired home. 

Data analytics and insight

Home rental management companies are now leveraging data to gain insight into market trends, tenant behaviour, and rental rates. This information can help identify investment opportunities, improve decision-making, and maximise rental yields. 

Enhanced service experience

With the intense competition, rental management companies are now focusing on enhancing the delivery of services to both tenants and landlords. ApnaComplex eases the rental process at every step, from easy property listings to negotiation support. Other services include KYC and move-in/move-out assistance. 

Legal compliance 

Home rental management companies are now increasingly focusing on ensuring legal compliance. Even where state laws are ambiguous, rental agreements and contracts are signed and registered. ApnaComplex Rentals took the lead by further protecting the interests of tenants and landlords through KYC and background checks.

Gated communities get a preference 

As rentals increase across the top cities, gated communities have emerged as the preferred address. Typically, homes in these housing societies are priced higher and tenants are willing to pay the extra buck. The reason for this preference is better security and the availability of amenities like sports facilities and fitness centre.

Improving rental yield

Soaring rentals mean that rental yield will also continue to improve. The average yield in the pre-COVID era was around 3%. With rents going up by 23%, yields have also improved in the top 7 cities. ApnaComplex has facilitated rental yields up to an impressive 4.2%.

If you want to know more about ApnaComplex Rentals, visit realty.apnacomplex.com or write to us at rentals@apnacomplex.com.


Hidden costs of renting an apartment

Looking for a home? Beware of the hidden costs of renting an apartment

With the spiraling rentals rates today, most tenants are preoccupied with calculating how much they can afford to pay every month. In the process, they often fail to plan for unexpected or hidden costs. Quite often these can be substantial, adding significantly to the monthly rental. While some of these may be stated upfront, such as the security deposit, some may not be as expected. 

This article explores the expected and hidden costs of renting an apartment.

Expected costs

Some of the expected costs when renting a home are: 

Security deposit: Rent is only one part of the payment. The security deposit is the first and most substantial expense you will have to fork out. Equivalent to two to ten months of rent, the security deposit is the first roadblock in getting a home. Many prospective renters often fail to count on this or to make adequate arrangements for their total liability. 

Brokerage and other fees: Typically, the brokerage is equivalent to a month’s rent. In addition, there are stamp duty and registration fees that can further inflate your liability. Some gated communities also charge a moving-in fee. Combined with the security deposit, these additional charges can again raise the financial liability for the tenant. 

Relocation: When moving to a new home, we often forget packing and moving charges. This amount can increase substantially depending on the distance and scope.

Unexpected costs:

The hidden costs of renting an apartment are not always factored in, especially by the unaware renter. 

Maintenance charges: Maintenance charges may or may not be included in the rent. In some cities like Mumbai, the quoted rent will include these charges. It is the landlord’s responsibility to pay the monthly or quarterly fee. The practice may vary in cities like Bangalore and Delhi. Premium gated communities have high maintenance charges, adding to the monthly rental. 

Repainting & repairs: Minot repairs and maintenance are the tenant’s responsibility unless otherwise stated in the rental agreement. The landlord is expected to hand over the home in optimum condition. This includes furnishing and appliances in good working condition. However, you may soon find that the bathroom exhaust is not working or the stove needs servicing. 

Parking: You may end up paying additional parking charges if your apartment or home does not include the space. Additional parking charges can also apply when you have more vehicles than your parking space. It is also best to check if there are any additional parking charges to be paid to the housing society. 

Utility bills: Payment of utilities like electricity, water, and garbage collection charges can vary. These can depend on the terms of the rental agreement or the scope of the society maintenance charges. For instance, water and garbage collection are often included as part of the maintenance fee. However, it is best to check your total liabilities.

Penalties: Very often tenants fail to check if there are any penalties in the rental agreement and how these are decided. For example, what is the penalty if you want to vacate your flat before the lease ends? Similarly, gated communities often have certain rules and regulations with penalties for violations. 

How to avoid hidden charges? 

When minimising the hidden costs of renting an apartment, it is always advisable to check every little detail. This includes:

  • Find out the security deposit. Negotiate if it is higher than what you expect or the prevalent rates in the market. Learn more about How People are Arranging for a Rental Security Deposit
  • Lock down all the details through the rental agreement. Most agreements specify each party’s liability for maintenance and repairs. Usually, minor wear and tear is the responsibility of the tenant. But major repairs have to be taken up by the landlord. 
  • Ensure the house is repainted and cleaned before you move in.
  • Ensure that appliances like ACs and gas stoves have been serviced. 
  • Inspect the apartment or home thoroughly to make sure that electrical fittings and plumbing are working properly. Check for any damages like water leakages or broken windowpanes. 
  • Does the rent include maintenance charges? Find out what falls under maintenance, particularly in terms of utility charges.
  • Check the rules and regulations of your housing society. This can help you avoid penalties later on. 

How can ApnaComplex Rentals help?

ApnaComplex Rentals offers all-inclusive rental management services. Apart from extensive listings, tenants can also benefit from specialised services, including negotiation support in deciding on rent and security deposit. Find out more in our article Everything you Should Know about Rental Security Deposit.

You can also get support with finalising the rental agreement. Our Estate Portfolio Manager can help you with the details about the rules and regulations of the community. 

Tenants can also be vulnerable to rent & lease scams. Learn What they are & How to Avoid them. To know what else you should be aware of, read our article on Things to keep in mind when looking to rent a flat


Peak time for rental housing

Bidding Wars & Record Rents: It’s Peak Time for the Rental Housing Industry

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.

If you want to know more about ApnaComplex Rentals, write to us at rentals@apnacomplex.com or visit realty.apnacomplex.com.