CHENNAI: Chennai’s rental market witnessed several variations during the Nov 2012-Jan 2013 and Feb-Apr 2013 periods. The rental brackets of Rs 5,000-10,000 and Rs 10,000-15,000 were reported to be the most in demand at 32 and 31 per cent respectively during the Feb-Apr 2013 period.
Though the two budget categories witnessed a healthy supply, availability of rental properties within a budget of Rs 25,000 and above was reported to be maximum in the city. The budget category of Rs 10,000-15,000 was the second most supplied during the Feb-Apr 2013 period with its availability at 24 per cent, 7 per cent lower than demand. Similarly, the Rs 5,000-10,000 budget category recorded 20 per cent supply, 12 per cent lower than demand.
The most supplied category, the Rs 25,000 and above, recorded 28 per cent availability. However, it was one of the least demanded categories during the Feb-Apr 2013 period. It was in demand only by 8 per cent buyers, clearly indicating a demand supply mis-match.
Demand for the rental budget of Rs 15,000-20,000 was 18 per cent during the Feb-Apr 2013 period, 2 per cent higher than during the Nov 2012-Jan 2013 period. Supply was stable at 17 per cent during the Nov 2012-Jan 2013 period. Similarly, demand for the Rs 20,000-25,000 category remained stable with sufficient supply in the last six months. Both demand and supply were at 10 per cent during the Feb-Apr 2013 period. Budget of up to Rs 5000 was the least demanded and supplied in the city. Slight variations were observed in supply of this budget category during the Feb-Apr 2013 quarter.