Renting a home in India has been the preferred mode of finding accommodation for low- or middle-income tenants for many years. This has been mainly due to a variety of urban market forces including high property costs, job changes and monthly expenses. Depending on one’s budget, tenants could rent a large-sized furnished apartment in a posh locality or go for a smaller apartment closer to their office.
Working bachelors in India could also opt for paying guest accommodation in Mumbai and in other Indian metros to further reduce their monthly expenses. In the case of larger apartments, one can also share the apartment with other working individuals or office colleagues.
This article looks at the differences between sharing a big apartment against taking a house for rent in Indian cities.
For a single individual, renting an entire house, even if it is small, can be a major monthly recurring expense. Add to that, tenants also have to pay a substantial security deposit to the owner at the outset. Tenants, who go through real estate brokers, also have to pay a brokerage fee to the agent, thus increasing their monthly budget.
To save the brokerage, rental tenants can access online property rental services such as NestAway, which provides 1 BHK flat for rent in Bangalore or 2 BHK flats on rent in Indian cities without brokerage.
On the other hand, individuals who only take a room for rent can save money and use it for other expenses.
Depending on the property, rental tenants have free access to all the amenities in the entire house. Additionally, they can also avail of the facilities and amenities offered by the society such as swimming pool, fitness centres and security. Such amenities are not available for shared room tenants.
Sharing a furnished apartment with your friends or office colleagues is definitely better than staying alone particularly for individuals who are used to living with families. Depending on one’s lifestyle mode and social preferences, one can choose living with like-minded friends, who can fit well into the overall home atmosphere. Each individual can also get access to amenities (such as bathroom facilities and television) in other rooms depending on how well they get along with each other.
Compared to rental homes, the demand for shared apartments in India is on the rise, especially due to its affordability and flexibility. Home owners are finding out that there is more market demand for shared accommodation when compared to rental accommodation. While shared accommodation can be very short-lived or temporary in nature, it is easier and less of a hassle to find customers particularly if the house is located in a business or commercial office district.
Shared accommodations have become a major convenience particularly for single men and women looking for cheap housing close to their place of work or study.