Mohali Rental Market Soars: Furnished Apartments Dominate Demand
Mohali’s rental landscape has changed dramatically in recent years, with fully furnished apartments becoming the top choice among tenants. This trend is driven by convenience and evolving lifestyle priorities, especially in neighborhoods around educational hubs like Sector 70 and Phase 3B2.
Key Drivers of Demand
Proximity to Universities and Institutes
- Sector 70 and Phase 3B2 are hotspots for students and professionals due to their close proximity to institutions such as the Indo Global Colleges and Punjab Institute of Management and Emerging Technologies.
- Rental units in these areas offer shorter commutes, conveniences on public transportation—a major factor for budget-conscious students.
Premium Pricing for Furnished Options
- Tenants are willing to pay 15–20% higher rentals for fully equipped homes, which often include modern furniture, appliances, and amenities like WiFi/Internet setups.
- Developers in Aerocity and IT City are capitalizing on this demand by offering turnkey properties, sometimes partnering with interior designers for sleek, move-in-ready homes.
Workforce Migration and NRI Interest
- Mohali’s growing IT sector attracts young professionals and entrepreneurs, while NRIs increasingly invest in rental properties near the Chandigarh International Airport for its connectivity.
- RERA regulations have boosted non-resident investor confidence, enabling smoother transactions and rental management services.
Financial Considerations for Investors
- ROI Potential: Furnished apartments in high-demand zones like Sectors 66–70 typically achieve 7–10% annual returns.
- Maintenance Costs: While interiors require initial investment, long-term savings come from premium pricing and lower vacancy risks.
- Property Management Services: Some real estate agents offer end-to-end management for NRI landlords, handling rent collection and tenant issues.
Emerging Trends to Watch
- Tech Integration: Smart homes are mostly demanded by higher-income groups.
- Sustainable Design: Eco-friendly amenities like solar panels or rainwater harvesting are gaining traction, appealing to eco-conscious tenants.
The surge in demand for furnished rentals underscores Mohali’s transition into a modern, convenience-driven market. As infrastructure projects mature and institutions expand, this sector is poised for sustained growth, offering lucrative opportunities for strategic investors.