3 Reasons why Indian Millennials Prefer to Rent

Buying versus renting is a constantly reverberating debate. There are multiple questions that one has to think about before finally taking the plunge. Questions such as affordability, borrowing capacity, taming the market constantly haunts. In a nutshell, it is a complicated process!

Thus, in order to know what the nation thinks, CommonFloor recently conducted a survey titled ‘Buy vs Rent: Know what India Thinks!’, which brought forth several interesting facts.

As per the survey, about 40 per cent respondents preferred renting a property over buying one. Few prefer renting because they have just moved to a city in pursuit of better job opportunities, while others just want to be free from the hassles of buying property.

Thus, let’s have a look at the three most compelling reasons for renting among the millennials.

Affordability Quotient: Nearly 60 per cent respondents said that they cannot afford to buy a property at their choice of place. Thus, they prefer to rent at the same place. This is especially the case in MMR, NCR and Bangalore, where buying a home in a prime locale has become a far-fetched dream for denizens.

Shradha Nigam, a media professional in a leading daily, who stays at Vasant Kunj, Delhi says, ‘Being a single parent, I could not afford a property in this area. So, I rented one to live my dream.”

Less Responsibilities: Owning a home requires the highest level of commitment of time, attention and funds. Renting, on the contrary, is the best solution for people who are going through transition period or want a temporary way to live until they are more settled in a job or family. Most of the respondents don’t want to go through the hassles of buying property. Not only buying, even post-buying phase comes with a whole baggage of responsibilities such as maintenance and repairs, home insurance, safety measures, and the list goes on. Thus, nearly 25 per cent people said they would rather rent a property.

Fixed Monthly Expenditure: For about 15 per cent respondents, fixed monthly expenditure made renting an attractive option. Explaining why he rented a place, Sarthak Sethi, who recently moved to Bangalore to join a start-up at a managerial level said, ‘It was easy to move within a short time and rent a house in the locality of my choice where it would have been impossible to buy at this point of time.”

Try CommonFloor’s Live-In Tours and experience property search like never before