<p>Home rental platforms are seeing a dip in rentals owing to sluggish demand, as tenants move out to go back to their native places and restrictions on movement continue.</p>.<p>Home rental company Nestaway Technologies is seeing a 20-25% drop in rentals of properties listed on its website, which means a 1-BHK home, earlier available at an average rent of Rs 10,000, is now available at Rs 7,000-8,000.</p>.<p>Ismail Khan, Chief Business Officer, Nestaway Technologies, said, “There has been a sharp decline in tenant activity in the last three months. The demand usually comes from areas that are close to offices or tech parks. This demand has died down.”</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-48-people-test-positive-at-telangana-raj-bhavan-indias-tally-jumps-past-87-lakh-mark-death-toll-crosses-23000-860261.html" target="_blank"><strong>For latest updates and live news on coronavirus, click here</strong></a></p>.<p>“Work from home has also allowed many to shift to outskirts or less expensive areas, as they don’t have to stay close to office to avoid travel anymore,” said Khan.</p>.<p>Home rentals usually increase anywhere between 4-11% on an average in a year, according to industry watchers, but due to Covid-19, most markets are seeing a drop or no change as compared to the corresponding period in 2019.</p>.<p>Real estate search portal NoBroker saw an 8% decrease in average monthly rentals for 2-BHK homes in June in Bengaluru (which is also seeing the highest decline on the portal) as compared to the same period last year. </p>.<p>Chennai saw a dip of 4%, while in Mumbai rentals were down 3% on the website.</p>.<p>According to the company, owner listings have increased to 108.55% in June from 48.63% in April.</p>.<p>Another company RentRoomi is also seeing a rentals drop of 10-20%. “Q1 is a peak period for home rentals. In an unprecedented time like this, co-living will be a challenge,” said Sharma.</p>.<p>“In an attempt to boost demand, we’re focusing towards flexible lease options, in some cases no security deposits, special pricing,” he adds.</p>.<p>The companies, however, mentioned that user activity is gradually picking up. While Nestaway is currently doing 30% of their typical business, NoBroker has also seen a 58% spike in user activity in July as compared to April.</p>
<p>Home rental platforms are seeing a dip in rentals owing to sluggish demand, as tenants move out to go back to their native places and restrictions on movement continue.</p>.<p>Home rental company Nestaway Technologies is seeing a 20-25% drop in rentals of properties listed on its website, which means a 1-BHK home, earlier available at an average rent of Rs 10,000, is now available at Rs 7,000-8,000.</p>.<p>Ismail Khan, Chief Business Officer, Nestaway Technologies, said, “There has been a sharp decline in tenant activity in the last three months. The demand usually comes from areas that are close to offices or tech parks. This demand has died down.”</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-48-people-test-positive-at-telangana-raj-bhavan-indias-tally-jumps-past-87-lakh-mark-death-toll-crosses-23000-860261.html" target="_blank"><strong>For latest updates and live news on coronavirus, click here</strong></a></p>.<p>“Work from home has also allowed many to shift to outskirts or less expensive areas, as they don’t have to stay close to office to avoid travel anymore,” said Khan.</p>.<p>Home rentals usually increase anywhere between 4-11% on an average in a year, according to industry watchers, but due to Covid-19, most markets are seeing a drop or no change as compared to the corresponding period in 2019.</p>.<p>Real estate search portal NoBroker saw an 8% decrease in average monthly rentals for 2-BHK homes in June in Bengaluru (which is also seeing the highest decline on the portal) as compared to the same period last year. </p>.<p>Chennai saw a dip of 4%, while in Mumbai rentals were down 3% on the website.</p>.<p>According to the company, owner listings have increased to 108.55% in June from 48.63% in April.</p>.<p>Another company RentRoomi is also seeing a rentals drop of 10-20%. “Q1 is a peak period for home rentals. In an unprecedented time like this, co-living will be a challenge,” said Sharma.</p>.<p>“In an attempt to boost demand, we’re focusing towards flexible lease options, in some cases no security deposits, special pricing,” he adds.</p>.<p>The companies, however, mentioned that user activity is gradually picking up. While Nestaway is currently doing 30% of their typical business, NoBroker has also seen a 58% spike in user activity in July as compared to April.</p>
