Indian Landlords Warming Up To Single Tenants: Makaan
The co-living space in India has the potential to be a $93-billion market if the organised sector rises up to the occasion.
Only 3.4 million students get to stay within college campuses while the 935 universities across India have 12.3 million migrant students to accommodate. Further, about 37.4 million migrant workers earning up to Rs 10 lakh annually are currently being served only by the unorganised sector.
Since there exists a demand-supply mismatch in this segment, there is a deficit of 46.3 million beds across India, data available with PropTiger.com show.
Considering single workers/students have to depend on unorganised players to find rented accommodations, would it not be wise to find out how welcoming are Indian landlords when it comes to single people?
Data available with mProfile, a feature on Makaan.com that helps landlords connect with tenants based on the preferences and vice versa, show majority of home owners do not discriminate between families and bachelors.
Of all landlords, 64.82 per cent are open to every segment of tenants, including families, bachelors, single professionals, etc. In comparison, an average 33 per cent of landlords are open to “families only”. The remaining 2.18 per cent want “bachelors only” as their tenants.
Being single in a big city
Landlords in City of Joy Kolkata, however, are more welcoming to single tenants than their peers in other big cities, our analysis shows. Of all the landlords looking to rent out their properties in Kolkata, about 4.37 per cent would prefer to have bachelor tenants. Other two cities showing where landlords prefer single tenants are Chennai (2.63 per cent) and Delhi NCR (2.25 per cent).
The analysis is based on landlord/tenant responses registered on mProfile between January-April this year.
While Kolkata is willing to supply, the demand for bachelor-friendly homes is the highest in Hyderabad, where 59.45 per cent of tenants are looking for such abodes. On the contrary, only 1.86 per cent homeowners want bachelors staying in their property.
Similarly, of all the people looking for rented homes in Chennai, 56.59 per cent are bachelors. Despite the fact that Chennai is only below Kolkata when it comes to supplying homes to bachelors, there is a huge gap between demand and supply in the Tamil Nadu capital.
While 49.84 per cent of bachelors are looking for a rental property in the Maximum City, only 1.05 per cent of total Mumbai landlords are open to “bachelors only”.
Staying single in small cities
Single people would find Tier-II and Tier-III cities comparatively more welcoming, data show. An average 2.71 per cent homeowners in Tier-II cities and 2.18 per cent in Tier-III cities are willing to give their house on rent to bachelors only.
Do note that the number of bachelors looking for a rented accommodation in Tier-II and Tier-III cities is far more than those looking for a similar property in Delhi-NCR, Kolkata, Mumbai and Pune.