India Rental Housing Market By Type (Standalone Spaces, Society Based), By Size of Unit (Up to 400 square feet, 400-800 square feet, above 800 square feet), By Property Type (Fully Furnished, Semi-Furnished, Unfurnished), By Location (Metro, Non-Metro) By Region, Competition Forecast & Opportunities, 2018-2028

The India rental housing market is expected to grow at an impressive rate during the forecast period. The growing influx of migrants from non-metro cities to metro cities for occupational and educational purposes is driving the India rental housing market. This has significantly increased the demand for affordable rental spaces near workplaces or educational institutions. This has also given rise to the concept of co-living. Furthermore, rising land, house, and flat prices, particularly in Tier 1 cities, are expected to drive market growth through2028. Furthermore, those who have the resources and can afford houses or land may not get appropriate investment opportunities and thus prefer to live in rented housing, fueling the market growth.

The India rental housing market is segmented based on type, property type, size of unit, location, company, and region. Based on type, the market can be split into standalone spaces and society based. Among these, the society based segment is expected to dominate the market on account of their affordability, accessibility to everyday necessities, security, proper parking facilities, availability of other amenities like gymnasium, swimming pool, among others. Based on location, the market can be split into metro and non-metro. Here, the metro segment is expected to dominate the market owing to the increasing working and student population in these cities who prefer to live in a co-living space or rented apartments. All migrant populations have access to rental housing, which is a practical and affordable choice for those who may not want to commit to a long-term financial commitment in a city. The rising demand for housing in nations that are urbanizing, like India, is best met by this readily accessible option. Renting a home is a better option for tenants of all income levels because it provides greater mobility and flexibility to the migrant population, particularly in cities with high capital values.

Major players operating in the India rental housing market include Nestaway Technologies Private Limited, Zolo Stays, ZiffyHomes, OYO Life, CoHo, Stanza Living Company, Grexter, Housr Technologies Pvt Ltd, Stayabode Ventures Private Limited, SimplyGuest and others. The companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.

Increase in government policy initiatives for real estate and construction sector
In the last two decades, India has experienced rapid urbanization. Over 29% of India's population lived in cities in 2001, rising to around 35% a few years later. By 2030, it is expected that more than 40% of India's population will live in cities. Rapid urbanization increases demand for more residential units, both rental and ownership. It is also seen a distinct shift in preference among the younger generation, from ownership to renting, as many people do not want to be locked into long-term mortgages. Work-related mobility has hastened the transition from ownership to rental even more. In terms of volume, the housing segment in India accounts for a sizable portion of the real estate and construction sector. Recognizing the growing importance of this segment, the government has announced several policy initiatives and reforms to give it a much-needed boost. The Pradhan Mantri Awas Yojana (PMAY) scheme, the Real Estate Regulator Act, and the impetus to the Affordable Housing Segment are the key reforms that have increased estate and construction sector. Despite a slowing market in recent years, demand for housing in India continues to rise.

Emergence of the concept of co-living
The co-living market has sparked considerable interest among investors. With many graduates, postgraduates, and working professionals in urban areas, India is an ideal launchpad for the exciting trends that are emerging in this market segment. Operators have begun to prefer built-to-suit models that provide customers with a holistic community experience. However, the nascent market is expected to ride out the pandemic with trepidation, emerging stronger on the other side. Consolidations and mergers and acquisitions by more organized players are likely in a post-pandemic world, resulting in market expansion.

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Market Segmentation

India Rental Housing market is segmented based on type, size of unit, property type, location, region and competitive landscape. Based on Type, the market can be segmented into Standalone Spaces, Society Based. By Size of Unit, the market is segmented into Up to 400 square feet, 400-800 square feet, above 800 square feet. Based on Property Type, the market is further split into Fully Furnished, Semi-Furnished, Unfurnished. By Location, the market can be segmented into Metro, Non-Metro.

Market Players

Major market players in the India Rental Housing Market are Nestaway Technologies Private Limited, Zolo Stays, ZiffyHomes, OYO Life, CoHo, Stanza Living Company, Grexter, Housr Technologies Pvt Ltd, Stayabode Ventures Private Limited, SimplyGuest and others.

Report Scope:

In this report, the India Rental Housing market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Rental Housing Market, By Type:

o   Standalone Spaces

o   Society Based

·         Rental Housing Market, By Size of Unit:

o   Up to 400 square feet

o   400-800 square feet

o   Above 800 square feet

·         Rental Housing Market, By Property Type:

o   Fully Furnished

o   Semi-Furnished

o   Unfurnished

·         Rental Housing Market, By Location:

o   Metro

o   Non-Metro

·         Rental Housing Market, By Region:

o   North India

o   South India

o   East India

o   West India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Rental Housing Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).