Being one of the major hubs for automobile and Information Technology companies, Chennai has been witnessing a large floating population consisting of thousands of professionals. Apart from it, the city also attracts many student migrants owing to the presence of several major educational institutes. As a result, the demand for housing has increased remarkably in the metropolis. Besides, several developments in terms of physical and social infrastructure are also grasping the attention of many property developers across the nation to come up with new residential projects in Chennai.
According to real estate sources, the city witnesses a robust residential rental market due to the presence of many employment hubs and some of the renowned educational institutes. As the requirement for a renal home is high among young working professionals and students, the demand has been high for apartments with modern amenities such as gym, swimming pool etc. Thus, apartments for rent in Chennai have been the most preferred option among home seekers. Following are some of the top rental markets of Chennai;
With the advantage of close proximity to the IT corridor of the city, Velachery has been witnessing a huge demand for rental homes among working professionals. Besides, the development of Phoenix Mall – the largest mall in the city has played a major role in the growth of realty market in the region. As the locality is well connected to the OMR, GST Road, and the Central Business Districts, this locality certainly grasps the attention of the working professionals who have their work locations in the IT corridor or Adyar or Guindy. Particularly, the locality attracts the home seekers who prefer 1 bhk or 2 bhk apartments for rent in Chennai. Rental values are affordable here ranging from INR 14 to INR 25 per sqft, which is quite affordable when compared rental homes in the prime locations of the city.
Old Mahabalipuram Road or OMR has been a hub for several IT bigwigs such as TCS, HCL, Accenture India, Cognizant, and Wipro. So, thousands of working professionals work along this stretch prefers living close to their offices. Eventually, it has increased the demand for apartments in OMR. A home seeker can find a 2 bhk apartment for rent at a rental cost anywhere between INR 10,000 to INR 20,000. Also, the locality also has the presence of several shopping complexes, retail outlets, theaters, and restaurants.
Guindy & Adyar
With an ease of accessibility to the Central Business District and prime localities of Chennai, these localities are considered to be the major realty hotspots. Apart from it, the famous educational institutes such as IIT Madras and Anna University are located in the vicinity. When it comes to transportation, these two localities get frequent bus services operated by the state government. Apart from it, these localities enjoy rail connectivity, as well. Thiruvanmyur Railway station is a nearby station for Adyar, which is located merely 2.5 km. All these factors have increased demand for rental properties in the region. However, the rental values are quite expensive in Adyar.
As the demand has been high for 2 bhk and 1 bhk apartments for rent in Chennai, the property investors are showing a great interest in buying properties on these configurations to earn a good rental income.