Unlocking Affordability; Creative Ways Millennials Discover Affordable Rental Homes in Expensive Urban Areas!
Ever wondered what drives people to urban areas, pulling them like a powerful magnet? Jobs and prosperity make urban living alluring. Currently, half of the world's population resides in urban areas, and many reports suggest that by 2050, the figure will rise by two-thirds.
Today, India proudly addresses itself as the largest millennial population, constituting 34 percent (450 million) of its total population as of 2021. Gen z and millennials are two generations defining the nation's economy and shaping the landscape of the Indian real estate sector. Indian affordable housing market is valued at USD 1824.35 million in 2022. This market is anticipated to project robust growth in the forecast period with a CAGR of 19.80% through 2028. So, what is the country's youth searching for when trying to find an affordable rental house?
Millennials believed to be prudent in their rental housing choices, value affordability. As a result, there is rising demand for cost-effective, affordable homes in Urban areas or tier-II, tier-III cities. They believe that finding a good property means defining the good property. What makes a piece of property worth owning/renting? Though some millennials and students also search for co-living arrangements and micro apartments, they soon become too problematic to afford due to the lack of basic standards. Lack of privacy, absence of gated security, non-reasonable pricing push millennials to ask the most common question, "Can you find me a good property, please?"
Here we discuss the creative ways millennials discover affordable rental homes in expensive urban areas.
Millennials use technological advancement to discover affordable rental housing
Tech-savvy millennials are reshaping the real estate market by embracing technology. They researched online rental properties, connected with real estate developers, and even completed the transaction by technology. As per the data of FutureMarketInsight, online home rental market is expected to expand US$18.24 Billion by 2023.They also prefer smart home technology that enhances convenience and security; it increases the value of premium rental homes.
Millennials Seek Homes with Modern Amenities
Today millennials are checking something beyond basic amenities that can bestow a feel-good factor. They search for the rental homes which are just not about sounds good, but good for the soul. The perspective of millennial home renters is changing. They want to rent or lease homes those provide a long duration of comfort and security with minimal upkeep.
Excellent Location
Questions such as where the property is situated and "On what land/plot the property is" are some preliminary questions that should be answered. Affordable rental housing projects are located in developing or peripheral areas of cities, where it needs to be evaluated the location's connectivity to major employment hubs, schools, healthcare facilities, options of transportation like metro connectivity, trains, buses. It is an important consideration. As per the report of TimesProperty, the Whitefield Metro effect is transforming Bangalore’s outskirts into a hub for affordable rental homes.
Millennial Values Eco-Friendly and Sustainable Rental Homes
As per recent reports, energy-efficient buildings in India have witnessed energy savings of up to 30%. As per the current data of MarketResearchFuture, energy-efficient facilities in India have seen energy savings of up to 30%. The technology of energy-efficient building or green building practices includes:
- The utilization of renewable energy sources, like the installation of rainwater harvesting systems
- Rental homes that implement of effective waste management strategies
- The use of eco-friendly building materials like recycled or locally sourced products
BTR Model: The New Sensation to Millennials!
According to the market data of Meraqi Advisors, the BTR market is worth an estimated USD 8 billion in India.
It is believed by many real estate developers/ investors that architects and designers have the skills to deliver housing that addresses these critical issues of affordability, sustainable design, and urban density. This has taken the form of architect-led development and build-to-rent concepts, bridging the gap between renting, and owning your home.
Affordable housing is not just a useful design; architects can make a difference by improving people's lifestyles, creating meaningful communal spaces and aesthetics. That is something millennials search when they are taking a home rent.
Millennials believe in space-saving, tranquil housing
A study shows by YahooFinance reported that millennials prefer smaller homes because they are more interested in minimalism than boomers. Many millennials are searching for 1 bhk in Whitefield, Bangalore or ready-to-move flats in Bangalore, Pune, Mumbai, etc. The developers should keep this in mind while developing properties that can be indeed called Millennials' homes!
They Check Developers’ Credibility
Today young home renters research the reputation and track reports of the real-estate developers before renting an affordable housing or property. They check the developer's past projects, delivery record of accomplishment, and financial stability to ensure the trustworthiness of a developer.
Thinking Ahead! Affordability at the heart of Millennials
Once affordable housing was an innovative concept; a tremendous amount of artisanry between a great idea and an excellent product. Today the concept has become a reality. We understand that the right to adequate rental housing is more than having a roof over one's head; it is the right to live safely and in a decent home. Here in Kots, we curate the finest experiences to harmonize a global way of life. We know that a home is not just a rental or leasing investment of money and time. It is the reflection of millennial home possessors’ unique identity.
If you are in search of rental homes or apartments for rent in Sarjapur; kindly contact us at hello@kots.world You can visit our website at www.kots.world
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FAQs
View all FAQs
What is the application process like?
The application process is typically like a KYC process to get to know our customers.
What are the common lease terms?
The rental contract is for a standard of 11 months. However, you can choose how long you want to stay.
Can I renew my lease at the end of the term?
Yes, you have the option to renew your rental agreement whenever you wish to.
Is there any Commitment/Lock in period?
Lock in period is a commitment given by the tenants to us in order to avail free common area maintenance charge. Lock-in period should be a minimum of 6 months to avail free common area maintenance charge.
Can you renew or update only the lock in period?
No, once the contract is made you cannot update or change the lock-in period or any other terms.
Are they any hidden charges?
Being fair &transparent is our core value and we inform all our tenants about our terms &conditions in detail prior to the booking. There are no hidden charges or terms.
What is the difference between contract period and lock-in period?
Both aspects operate independently. Contract period is the 11 month legal term under which tenants will rent the flat with KOTS. Renewal of contracts is possible. On the other hand, the lock-in period refers to the duration for which the tenant commits to remain without terminating the contract, enabling them to take advantage of the free common area maintenance charges offered.
What happens if you terminate the contract (or) vacate the home during the Lock-In period ?
The common area maintenance charges offered will be reversed and you will be charged monthly common area maintenance charges for the entire stay duration.
Is there any notice period to terminate the contract?
Yes, the tenants have to serve 45 days notice period before they terminate the contract.
Are there any painting charges or move out charges?
Move out charges include painting charges to be paid (one time) by the Sub-Lessee in advance or in pre-paid manner at the time of booking the flat. If the rented flat is of Studio / 1BHK flat, painting charges are Rs 14,500 (Fourteen thousand five hundred.) and if the rented flat is a 2BHK flat, painting charges are Rs 19,500 (Nineteen thousand five hundred.).
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