Demand rising for PG accommodations in India, especially double-triple sharing: Study
MagicBricks.
In the fiscal year 2022-23, the National Capital Region (NCR) emerged as a hotspot for PG accommodations, accounting for 24 per cent of both the demand and supply of PG rental spaces. Following closely behind was Bengaluru, with a demand-supply share of 23 per cent and 17 per cent, respectively.
In the Mumbai Metropolitan Region (MMR), PG accommodations comprised 16 per cent of both the demand and supply segments.
An intriguing trend highlighted in the report, titled 'Exploring the current landscape of PG accommodation in India,' is the growing interest in double- and triple-sharing PGs, with 68 per cent of tenants expressing such preferences. On the MagicBricks platform, approximately 71 per cent of PG listings featured double occupancy spaces or larger setups.
The report also shed light on the rental pricing for different types of PG accommodations.
For triple-sharing arrangements, monthly rents ranged from Rs 4,800 to Rs 7,700, while double-sharing spaces commanded monthly rents between Rs 6,800 and Rs 10,000. Single occupancy PG rooms were available in the range of Rs 6,800 to Rs 15,200.
Notably, PGs catering to both men and women constituted around 55 per cent of the total demand.
Sudhir Pai, CEO of MagicBricks, commented on this trend, saying, «Cities with a high concentration of students and working professionals have witnessed a surge in the PG market. At the same time, with 52 per cent of India's total population being millennials, the demand for affordable and convenient accommodations such as PGs is expected to continue its momentum in the medium to long term.
