In major metro cities, especially pockets close to employment or educational hubs, the demand for rented homes remains high compared to other areas. People migrate to another city mainly in search of better career opportunities. Bangalore’s Whitefield and Electronic City, for instance, attract many tech professionals due to their IT hubs. Similar IT corridors in Hyderabad and Chennai are Gachibowli and OMR, respectively. Mumbai’s BKC and Andheri, and the established business districts of Delhi-NCR, also see an influx of finance and business professionals. Various factors, such as evolving lifestyle preferences, higher salaries, and the emergence of gated communities, shape the needs of prospective tenants in metro cities and some prominent tier-2 cities. Moreover, working professionals face issues such as high rent and security deposits, longer commutes, and other costs that require prior planning. In this guide, we help working professionals looking for rented homes by sharing useful house-hunting tips.
Features working professionals should look for when renting a home
#1. Proximity to employment hubs
Longer commutes to the workplace can be unproductive for working professionals. Thus, many of them prefer staying close to their offices or workplaces. In metro cities like Bangalore, Delhi, Hyderabad, etc., most employment hubs are located on the outskirts. Travelling time, traffic congestion and peak-hour rush can cause inconvenience. When hunting for a rental home, prospective tenants should check the distance between their workplace and home. Typically, a location with a 30–45-minute commute to the office is ideal. Residing in proximity to business districts and employment hubs also enhances career prospects while maintaining work-life balance.
#2. Connectivity and public transportation
If the workplace is not close to the house, residents may need to use public transportation to commute to their offices. Multiple commuting options, such as buses and the metro, can reduce travel-related stress. When hunting for rented homes, prospective tenants should check if there are metro stations nearby and access to arterial roads. Moreover, it is important to check whether autorickshaws, buses, and app-based cab services are readily available in the neighbourhood. Checking for connectivity with the airport and railway station is also a must. If these facilities are close by, it is an added advantage. Getting a rented house in a well-connected area with offices and public transport hubs will save the tenant time and commuting costs. Thus, prior research of the neighbourhood must be done.
#3. Access to essential facilities
Besides smooth access to public transportation, residents also need essential facilities within easy reach. Social infrastructural facilities, including supermarkets, pharmacies, parks, etc., ensure a comfortable lifestyle for residents in a neighbourhood. If one lives with family, access to schools, entertainment hubs, and hospitals is also crucial. Moreover, banks and ATMs, eateries, gyms and co-working spaces are among the other key requirements of working professionals. Before finalising a rental property, it is necessary to check the locality to ensure these facilities are available.
#4. Furnished houses
For people who need to work remotely, it is necessary to find a rented home that offers facilities such as wi-fi connectivity, a workstation, power backup, etc. Moreover, working professionals relocating to a new city may not have the time or resources for furnishing their home. So, it is a smart idea to opt for a fully furnished house. However, the rent for fully furnished homes is higher than that for unfurnished or semi-furnished homes. This requires adequate financial planning to manage the increased rental expenses.
#5. Gated-community lifestyle
Homes in gated communities are highly sought after because they offer safety and security, along with access to amenities that standalone buildings do not. CCTV surveillance, security guards, well-lit streets, etc., are some basic features every prospective tenant should check before renting a house. This is an important consideration for women professionals looking to rent homes in a new city. Further, modern gated-community projects are equipped with lifts, gyms, clubhouses, swimming pools, and even laundry facilities. Another aspect of a gated project is the availability of parking, including guest parking.
#6. Affordability
Budget is a key consideration when selecting a house for rent. Many financial experts suggest that the monthly rent should 30% of one’s take-home salary. Living on rent involves maintenance, parking, and utility charges, which add up to high costs for a renter. Moreover, if it is a fully furnished house, the rent will be higher than that of unfurnished or semi-furnished homes. In metro cities like Bangalore and Mumbai, the rent and security deposits are quite high. So, if affordability is a priority for a home seeker, it is necessary choose a locality that fits one’s budget.
Here is a guide on how to maximise your rental savings while living on lease
#7. Rent agreement terms
Prospective tenants must check the terms of the rental agreement, especially the clauses on rent increase, notice period, lock-in period, maintenance responsibilities, etc. More importantly, they must also look for an exit flexibility clause if they want to relocate due to a job change. Some landlords may levy financial penalties for early exit, such as paying rent for the remaining lock-in period or a lump-sum fee. Thus, a thorough check of the lease agreement and a proper discussion with the landlords before finalising the terms are extremely crucial.
Click to read about leaving a rental early
Housing.com POV
The needs of working professionals seeking rental homes differ from those of other renters, especially families. Since they are always on the go, they need access to public transportation, airports, etc. Additionally, staying alone necessitates the availability of security systems. Hence, gated communities are often preferred. When finalising a rental property, working professionals must weigh the pros and cons and choose what is most beneficial in terms of affordability, connectivity, and lifestyle comforts.
FAQs
How much of my salary should I spend on rent in India?
Typically, the rent one pays each month should not exceed 30-40% of their monthly salary.
Which is more suitable for working professionals - co-living spaces or flats?
The choice between co-living spaces or flats will depend entirely on the individual’s preferences. However, co-living spaces may be a good option for those in early-stage careers or living in cities like Bangalore and Mumbai, where rents are high.