How students are influencing Pune’s Rental Market
As Pune witnesses a steep rise in student populations and young demographic structures, the real estate market is witnessing a major change in the leasing landscape. Not so much of a change in terms of prices or competition… it’s more about an attitude change.
The attitude of today’s youngsters, millennials or a college students, commands a completely different set of lifestyle choices. They are commonly characterised by high-life thinking, extreme convenience and freedom. The youth of today sees rental homes as an investment itself. They prefer better amenities, prime locations, convenience of having private rooms and freedom of hosting social gatherings. They prefer all this over a simple budget home that would save them some money after rent. So they are ready to spend more on the rent, provided they get the lifestyle they desire. This shift in the attitude of a large demographic has prompted home owners to adapt and make their home listings more appealing.
Home owners are doing their best to match up to the standards of this lifestyle… May it be setting a competitive price or offering more freedom in their policies compares to other rental establishments. Even though all of the youth’s demands are driven by a similar mind-set, there are a lot of variations in the same. Here are a few usual sets of demands;
a. Some tenants choose to live in a place with all the facilitations, but are ready to compromise on the location aspect.
b. Some choose private homes/rooms and ready to pay more, while some are not so stringent about their privacy but have a lower budget.
c. Some want it all, and are ready to pay for it.
d. Some just want to live in a good location but are stringent on the pricing.
It’s all about finding the right profile of tenants that match with your policies.
What you can offer:
You as a home owner need to be really decisive in terms of what you are ready to offer, what your apartment inherently offers to the youth market and how you are going to position your house.
a. Offering on lease for long-term:
If you are planning to lease your home for a longer period, then it would behove you to lock in the most suitable tenants by negotiating the best terms with them, so that you keep them happy till the end of your agreement and not worry about looking for other tenants.
b. Offering on lease for short-term:
If you are looking to lease it for a short term, or have plans to change tenants regularly, it’s best to offer a little extra than what you initially agreed on so that you can demand a little extra on the rent.
c. Offering private rooms/apartments:
Offering private space means handling less number of tenants. This allows you to avoid unnecessary conflicts amongst tenants and ensure a smooth tenancy. People looking for private spaces generally negotiate on the rent as they want to settle in for longer periods and are looking for a good price deal.
d. Offering shared rooms/apartments:
Offering shared space means managing more tenants under your agreement. This may require you to hire help for managing multiple leases, but also allows you to demand a higher rent as the individual share is still considerably low for the tenants. People looking for shared spaces usually aren’t looking to settle in for longer durations and often don’t negotiate rental prices.
There are a lot of parameters which define the most desired home for your tenants. But in today’s time, having good amenities is expected by most of the demographic. Amenities and facilities allow them to have a better lifestyle and make it worth their spending. So societies or residences with amenities usually have an upper-hand in setting rental prices in any particular area.
BramhaCorp properties are situated in the some of the most prime areas of Pune and are facilitated with the best of amenities and in-house facilities. Tenants enjoy living at BramhaCorp residences and are happy to spend a little extra on the rent as life at BramhaCorp truly makes it worth their while. F-Residences @ New Kalyani Nagar is one such example, offering a complete life with spacious residences and full-fledged amenities.
Apart from the mutual understanding of the tenants and owners, there is yet another important aspect that comes into play before any official agreement is in place. It’s the housing society’s rules and regulations. Every housing society has its own set of protocols that eitherallow or deny or allow under special circumstances, students to live as tenants in the society. More than 90 Percent of your tenants are bound to be students… So it’s best to check with your society’s rules and regulationspertaining to leasing flats and stay in compliance with them, and avoid any unnecessary problems during the defined tenancy.