The enhanced penchant for rented property in India can be hugely credited to the younger generation's standard of living and necessities. Earlier, possessing a home was considered one of the leading life objectives. However, now things have changed radically, and today’s younger generation is not showing much interest in purchasing a house. The trend of preferring renting a house is overruling the trend of buying a house. Here are a few reasons that point out why renting a house is more popular for today’s generation:
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Renting offers flexibility in each way. Hence people find renting a preferable choice. Budget, locality, house type, and many more things stay flexible in renting the property.
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Renting a home is instant and easier. Today’s generation wants everything immediately and without several efforts. Purchasing a house needs lots of action, research, and time, while renting a property is easier and time-saving. For example, looking for Kochi flats for rent is quite an easy process rather than buying a property.
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Most youths today want to stay away from all responsibilities that come with homeownership. After purchasing a house, one needs to do many things, like paying for repair or maintenance work, house tax, etc., which you can avoid if you stay in a rented house.
Growth of the home rental industry
As per recent research, it has been found that about 40% of the population of urban India in the top eight cities live on rent, with the demand for quality rental properties increasing each year. The younger generation has a very different take on homeownership than their parents. Youngsters and working professionals have growing priorities that have added considerably to the development of the home rentals sector. However, one of the most important aspects that differentiate the current generation from the previous one is that they are focused on experiences and utility rather than ownership. Hence, a rented house near one's place of work with adequate connectivity and a steady connection is much preferred to a youngster than an owned house situated miles away.
The price aspect also plays a significant role when choosing a rental house. Homeownership is 4X as costlier as rental solutions, and blocking a considerable amount of funds for home EMI payment is not viable for the present generation. For those who want to avoid the troubles associated with homeownership, the costs of maintenance, and property taxes, renting may be a better option. Certainly, it depends on an individual's financial situation, lifestyle, and whether they are working or in retirement.
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