Either stock exchange crashes or there comes a natural disaster, real estate business never goes out of trend. People will keep on buying land or renting furnished houses no matter what.
Furnished houses for rent in Lahore are a new trend, and the real estate industry is making money in this sector. Either you’re up to make a deal as a tenant or offer furnished homes for rent, keep an eye on the following trends.
Home Prices/Rental Prices Show a Consistent Rise
Each new year brings inflation, and 2020 wasn’t an exception. However, the outcome is quite the opposite in the real estate industry. A survey estimates that in 2019 home prices got up only by 3.3%. The same growth is expected in 2020.
Even if the prices rise, they grow very slow. Therefore, tenants or buyers of apartments for rent in Lahore won’t go out of pockets.
Mortgage Rates are Going Down
2019 showed the lowest mortgage rates even for common types for loans. According to Economic Geeks, the interest rate will stay around 3.7%. Not to be too excited about this fact as the interest rates usually go up and down, depending upon the economic situation.
Majority of Millennials Are Interested in Furnished Houses for Rent
What generation is buying homes in the majority? It’s the millennials. This tip is for owners – Market your places by highlighting perks that may attract this generation.
People are interested in secure locations and the facilities that you offer with the house. If the house is on a prime location, you already get extra points. Potential tenants are always in search of such places.
Moreover, furnished houses for rent are trendy and easy accommodation for people who are looking for instant move-in. Without going heavy on the pocket and lesser stress, pre-furnished living places are ideal for students, small, and even for big families.
The favorable houses are the ones that people find modern. It means they don’t have to go miles away to buy a loaf of bread. Whenever they need to buy clothes or to drop off their kids to schools, they don’t have to travel to another end of the city.
These things might seem simple, but unavailability of amenities affect the property value of a place. Millennials constitute the major consumer market of real estate. They are not bothered by the price but the value of the rental site. If the rental place is worth investing, people will pay for it.
How these Trends are going to Benefit Tenants?
These trends are going to be valuable in many different ways for tenants only if they plan well.
Tenants should be clear of their requirements for what they want in furnished houses for rent. How many rooms they require, depending upon the family members; what locality would be suitable for them and the family, and what amenities are available. A clear picture of all of the information is quite important to avoid any confusion afterward.
With a lower mortgage rate, it is easier for tenants to pledge houses for rent on easy terms. Go for the wisest choice and document every detail in advance.
Save money and choose to rent the house that suits your needs the most. Furnished houses for rent are in popular demand as they offer a modern living experience with all the facilities and without having to invest extra on furniture and other necessities.
When you look for accommodation in a furnished house for rent in Lahore, getting in touch with a reliable real estate dealer is the best option. When real estate brokers meet online platforms, the process of home/apartment hunting becomes less hustle and lesser time-consuming.
Just as IHA Rent that keeps updating with the latest trends and offers convenience to its clients in every matter. This online platform is perfect for anyone that doesn’t want to search from apartment to apartment and areas to areas. The team finds you a perfect home in your area of recommendation while respecting your budget.