Developers like Modi Builders, Prestige Group, etc., have come up with premium projects that present a very good opportunity for the intrepid home owner to capitalize on.
Real estate is one of the most tangible assets one can own. If one chooses to invest in it and go down the rental income route, it becomes a perpetual source of passive income. Buoyed by a favourable opportunity cost, real estate presents a low risk, less volatile investment compared to other asset classes.
Consequently, the realty market has seen more investors over the years; especially during and after the pandemic. The need to own a home has become a top priority for many individuals. The new generation has taken to real estate like ducks to water. More and more millennials are becoming proud homeowners, some choosing to reside in these places while others preferring to rent it out. If you, perhaps, fall into the second category, we have good news for you.
Rental income is quickly turning into a solid investment in the post-pandemic scenario. Purchasing and renting out a property has becoming a favourite in recent times. Developers are churning out new projects with ready-to-move-in (RTM) units at a fast pace in the metros as demand spikes. Affordable and spacious 2BHK and 3BHK flats in Hyderabad, Bangalore and Chennai are in high demand as buyers’ preferences change.
If rental income is what you are looking to get into, we have listed a few helpful tips to help you in your journey.
Affordability
If one looks at the current demographics, out-of-town professionals make up a significant percentage of the population in metro cities. It, therefore, makes no sense for them to invest in properties. This is where you, as a landlord, can capitalize on this fact and offer affordable yet premium housing to this large section of working professionals.
Amenities
This is a major selling point after affordability. Affordable yet posh living spaces are in great demand at the moment. As the work culture shifts to a hybrid model, most employees spend a considerable amount of time at home. This necessitates the need for spacious and urban living spaces. By improving and making addition to your real estate asset, you boost your rental prospects.
Strategize
Like any other investment, rental income requires effective planning and strategies. Understanding market trends and demands can help you decide whether to lease out your property as a bed-and-breakfast or give it out on rent to a working couple.
Get out there
Marketing should always be a part of your plans no matter the end goal. Promoting your property through online and offline media allows you to make a positive first impression which can turn into a solid deal. A good impression can help you crack better deals with higher rental income.
These are just a few tips and guidelines to help prospective home owners who are looking to get into the rental income business. Developers like Modi Builders, Prestige Group, etc., have come up with premium projects that present a very good opportunity for the intrepid home owner to capitalize on. Always remember to do your own research before investing. It pays to know what you are getting into before jumping in.
