Average residential property rentals to rise further: Industry experts

Consumers are preferring to take homes on instead of buying them, as construction costs and interest rates rise

Owing to rising construction costs and interest rates, average rentals for residential properties, which declined substantially during the pandemic, have gone up significantly during the past two years. They are expected to rise further as consumers are preferring to take homes on rent instead of buying them, according to sector experts.

A combination of factors, including greater economic activity, urban migration, inflation, supply and demand dynamics are responsible for the spike in rents across various major cities, they say.

“With more companies calling employees back to office, including those in the hybrid mode, rental demand is rising across the top