Here’s why should you look for a rental property in Chennai

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Here’s why should you look for a rental property in Chennai

Chennai has experienced a huge population influx due to the growth in employment opportunities, particularly in the IT and manufacturing sectors. Certainly, this had led to a rise in the demand for properties and, as a result, an increase in capital values. A feasible alternative thus is rental. Compared to the augment in the cost of residential properties, yearly rentals have only shown insignificant development.

Tamil Nadu has millions of migrant workers, and Chennai is a metro continuously expanding. From a software engineer’s viewpoint, Old Mahabalipuram Road (OMR) is one of the preferred purposes. Places that are well-connected to offices are considered the most excellent places to reside. Nearness to the airport and weekend leisure activities are also key influencing factors. Areas like Velachery, Medavakkam, Sholinganallur, Pallikaranai, and Tambaram, have experienced considerable development in population in the last five years. These areas are not only near the city but are also quite reasonably priced, except Velachery.

Benefits of renting a 2 BHK flat for sale in Chennai

There are numerous advantages to selecting a rental property over a final purchase. Apart from offering the flexibility of movement to people who change jobs, tax benefits are also available on rental payments. Experts point out that rental housing enables residents to opt for a higher standard of living than their property buying power.

A new flat in the CBD of Chennai will charge approximately INR 75 lakh, while an individual earning approximately Rs 10 lakh per year can only afford a home costing INR 60 lakh in the more affordable suburban locations. But, such a person can pay rent for a home in the CBD with a similar yearly income. This makes it feasible for a middle-income group person to stay in a high-income group flat. In the same way, low-income group individuals can afford to live in a MIG flat comfortably.

While property prices increased by six to seven percent from last year, rentals in Chennai have only experienced a 2.5-5 percent annual increase in the past few years. Another motivating fact is that Chennai has a range of rental options present, from standard residential apartments to hostels and studio apartments, which have changed the landscape of the rental market in the city.

Ideal places to rent in Chennai

The IT corridor, Old Mahabalipuram Road area, remains an ideal destination for the city’s infotech population because of its proximity to different IT business parks and dedicated SEZs. Similarly, areas like Perumbakkam, Sholinganallur, Siruseri, Taramani, and Perungudi, mainly have bachelors who share accommodations and families of 4 to 5 members. Here, the average rental values vary.

The Grand Northern Trunk Road (GNT) and Grand Southern Trunk Road (GST) corridors have a blend of the student population and working people due to retail outlets, SEZs, and educational institutions. The rental for a 2 BHK flat for sale in Chennai on an average monthly basis is Rs 7,000-12,000. The west region of Chennai is an active business hub, with areas like Maduravoyal, Porur, Manapakkam, Poonamalle, and Thiruverkadu, commanding rentals of Rs 10,000-12,000 for 2-BHKs.

Nevertheless, searching for a good rental house in Chennai comes with its challenges. Quality of the neighborhood, accessibility to the workplace, connectivity to other parts of the city, ample living space, owners’ rulebooks, amenities, the budget, and value for money being paid are the key considerations when searching for a good rental flat.

The average cost of living in Chennai can vary from person to person, but the location of your house is something that will set the tone and lifestyle for your whole monthly budget. Most localities in Chennai are people-friendly and modern, and few of them still hold on to the conventional charm of Old Madras. Luckily, the average cost of getting a house on rent in Chennai is less than in most cities, which should help you save more for other expenditures. As commuting to work during peak times can be hectic, it is a good idea to find a house under 5 km to cut down on expenses, time, and effort. 

Are you looking for villas in Mysore? 

Most individuals dream of becoming a homeowner and spend a significant amount of time and effort saving up for it. The real problem arises when buying an apartment with various amenities or an independent house customized to your preferences. A city like Mysore draws professionals and entrepreneurs alike owing to its pleasant weather year-round and flourishing technology industry. 

Apartments and villas in Mysore are in high demand, but that doesn’t mean there aren’t buyers for single-family homes. At the same time, the cost of land is increasing quicker than the cost of apartment construction. Consequently, they offer a greater return on investment.

These are independent houses but a setting that is completely unique and away from the hustle-bustle of a metropolis. Mysore, known for its cleanliness and beauty, is now all set to rise at the advent of real estate. The city is becoming an enticing center for IT biggies like Infosys, Accenture, Cognizant, and IBM. The renowned builders are coming up with eventual luxurious independent villas in the city. 

Thus, searching for a suitable rental house in Chennai or villas in Mysore comes with its own challenges. Quality of the neighborhood, accessibility to the workplace, connectivity to other parts of the city, amenities, adequate living space, owners’ rulebooks, and the value and budgets for money being paid are important while hunting for a rental flat. 

 

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