Due to the massive employment-led migration of millennials, there has been a rising demand for rental solutions.
India has been progressing toward rental housing. The complete residential-rental market in India was estimated at $20 billion and is expected to double itself by 2023, out of which, approx. 68% are categorized in urban areas. However, the large market has been grappling with trust issues faced by landlords.
Landlords keep their properties locked up as they fear dealing with estate agents in a bid to get the property rented to potential-squatters posing as tenants. Further, the hassle of getting paperwork right, approvals, and the concerns over security deposit are some of the key issues affecting homeowners and tenants alike.
Demand for Out-of-the-box Solutions
However, due to the massive employment-led migration of millennials, there has been a rising demand for rental solutions. This demand has birthed many disruptive rental start-ups in the recent past such as managed rentals, co-living, and student housing offering upgraded rental solutions across varied consumer categories. Brands are coming up with niche customer-centric solutions for working professionals and families. The pandemic-induced economic slowdown has further turned the wheel in its favor. Making all financial moves wisely, the millennials are inclined more towards smart rental solutions than investing heavily in homes in the current scenario. Moreover, the digital revolution has paved the way for a new residential rental ecosystem.
The new-age workforce prefers more seamless living experiences that can levitate the burden concerning the rental ecosystem off their shoulders at multiple levels. Right from reducing paperwork to one-click solutions for running regular errands, the resolutions they seek, go far beyond the realms of Internet connectivity and basic housekeeping needs.
Overall, the customers are looking out for holistic and wide-ranged solutions to micromanage their daily lives. Their urge for a 360-degree solution has gained further momentum during work from home amidst the new normal.
With a severe crunch of time due to the upended routines, consumers search for all-in-one offerings concerning housekeeping, daily household chores, fixing appointments, suggesting leisure options through an intuitive interface without having to repeatedly express their desires. In short, a hassle-free resolution that enables them to strike a work-life balance.
The Rise of Cutting-edge Products
Hence, emerged path-breaking concepts that disrupted the existing resi-rental market by transitioning the entire rental journey online. The ultra-modern and all-in-one digital platforms simplified the customer experience right from the search and moving in, to managing tasks and maintaining the property. Products that understand the needs of urban Indians go beyond the approach of a shared economy. Such state-of-the-art products are helping working professionals and nuclear families prioritize what matters to them the most. These comprehensive and contemporary offerings in choicest locales are fast gaining popularity amongst masses.
The need for shelter has been the basic human necessity for ages. But, the right to a better standard of living has never been a priority in the past. The time has arrived for the resi-rental market to live this revolution leveraging new-age technologies and digital platforms. And, the trend is only expected to storm the rental ecosystem in the post-pandemic world.
(By Pankaj Singh, CEO & Founder of Multiliving Technologies Pvt Ltd)