With property rates touching a new high, the demand for rental property has gone up in Bhubaneswar. But finding a house on rent is no longer a daunting task with houses plentily available in most areas across the city. Thanks to the increasing availability of houses and flats on rent, the tenants are in a much better position to choose and bargain for price and amenities today
Although a few years back, even the rental was soaring in the city, today the situation has changed and for a number of reasons. Earlier the gross shortage of houses benefited house owners who could increase the rent manifold and get the price they wanted but if reports are to be believed the city has added more than 2,500 housing units per year in the past two years.
There are many people who are holding multiple properties. So this has made impact on rent prices. Since there are more home available for renting the rentals have not gone up. Besides, with increasing number of people interested in buying a house for living or investment, there is hardly a pressure coming on rentals.
The other major factor which caused rentals to go up was due to the floating population of students in the city, who did not have hostels in their institutions to live in. Students want home for short term when they are shifting to another city in search of higher education and rental houses are the only available option for them. But over the years, most of these these institutions have added to their hostel capacities, reducing the pressure on the rental market further.
The situation has changed so drastically in the recent times that even landlords are not asking for two to three months' security deposit from prospective tenants anymore. Unlike in the past years, one just needs to pay a month's rent in advance. Even brokers are in no position to demand commission from most tenants as they have plenty of options. It is the house owners who are giving away fortnightly or monthly rent as commission to these agents.So finding the house rent in Bhubaneswar is not more difficult for tenants.
Areas like IRC Village, Nayapalli, Patia, Neeladri Vihar, GGP Colony, areas south of Khandagiri and Sundarpada today have several houses with 'to let' signs. One comes across at least a dozen 'to let' signs in a single row on N5 block of IRC Village, supposed to be a sought after area because of its prime location close to the highway. Similarly, in various apartments at Patia, scores of dwelling units are lying unoccupied. However, as per reports, though rent is no longer an issue in these areas, it continues to soar in the prime localitie such as Saheed Nagar, Satya Nagar and Kharavela Nagar.