Why are rental units becoming more popular? Well, the answer is simple, migration and urbanization have put a heavy demand on the housing sector. And as the population in some of the top cities of Pakistan continues to grow, so does the demand for cheaper living options.
Adapting to Change
For this very reason renting housing units is on the rise. With the way market trends are going, it is pertinent that the housing sector adapts to the changes and provides residents with what they need. It is essential to notice that these requirements are not only limited to housing units but also fall over in their demands for better housing schemes and societies.
Demand for Improved Housing
The housing sector is facing a demand for more housing units and better and more affordable housing options with flexible payment plans. Smaller units that are easy to maintain and made readily available are the need of the hour. However, along with that, people also wish to have the freedom to choose from various payment methods. It gives them more control over the way their money is spent.
Residents are more likely to settle in areas that are well structured in terms of infrastructure and facilities. More and more people are now evaluating the educational facilities, medical facilities, marketplaces, and commercial areas in the vicinity they plan to move into. This is a significant indicator for society builders to pay attention to the demands of residents and mesh functionality with affordable housing.
Steady Cash Flow
Another interesting aspect of renting is that it can be used as a form of income as well. From the renter’s perspective by renting out property one can have a steady form of cash flow. This gives the renters the freedom of cash liquidity and allows them the opportunity to use this as a form of investment. In today’s day and age one cannot have too many forms of cash flow. By putting property on rent it allows renters to utilise their property investments in a useful manner.
Let’s have a look at some of the top cities of Punjab and their rental unit trends:
- Lahore
- Gujranwala
- Faisalabad
Houses for Rent in Lahore
The hustle and bustle of the big city of Lahore cannot be overlooked; it continues to attract people from adjoining areas and other cities. The educational and career opportunities available for its residents are diverse and many. With higher migration rates, rental units are also on the rise, and in many areas, people are also putting up portion houses for rent.
Johar Town and Bahria Town are some of the top areas of Lahore that are rising in rental units. These two housing societies are some of the top regions in Lahore for settling in as they offer residents a comfortable living experience and offer a variety of amenities.
Trends for 3 marla houses for rent in Johar Town Lahore and 5 marla houses for rent in Bahria Town Lahore are rising. Rental trends vary between independent homes and house portions in these areas as well. Renting trends for 3 marla and 5 marla houses for Lahore are as follows:
| House Size | Average Rent |
| 3 marla | 25,000 |
| 5 marla | 70,000 |
Houses for Rent in Gujranwala
Gujranwala is another big city that attracts many residents yearly. It is at a distance of 96km from Lahore and a 2-hour drive via the Grand Trunk Road. The town is famous for its traditional food and the “city of wrestlers.”
It is the fifth most populated city of Pakistan and, over the decades, has grown into an industrial hub, attracting many dwellers. Some of the top areas for residents to consider renting out are Citi Housing Society and WAPDA Town. Both areas are well-established colonies and provide state-of-the-art facilities to their residents. Among the rental units, one can find many options such as flats, apartments, and even 3 marla houses for rent in Gujranwala.
Following are the renting trends for 3 marla houses and 5 marla houses in Gujranwala:
| House Size | Average Rent |
| 3 marla | 20,000 |
| 5 marla | 35,000 |
Houses for Rent in Faisalabad
When one hears of Faisalabad, one cannot help but think of the industrial hub that it has developed into over the decades. It is currently the third most populated city of Pakistan and the second-largest industrial city in the country. It is a pioneer in the textile industry and has given birth to multiple products and services.
Along with industrialization, it has developed some of the most refined housing societies as well. With its growing business, migration from surrounding areas also continues to grow. Some of the top choices for living and renting in Faisalabad are Four Seasons Housing and Eden Gardens. These areas, amongst others, have a growing demand for rental units. As per market trends, there is a rise in demand for 3 marla houses for rent in Faisalabad. Let’s view renting trends for 3 marla and 5 marla houses in Faisalabad:
| House Size | Average Rent |
| 3 marla | 22,000 |
| 5 marla | 45,000 |
Conclusion
By looking at renting trends, one can easily deduce that rental units are on the rise and gaining more popularity in Pakistan. With inflation and world economic trends, spending large sums of money on housing is becoming less and less preferable for many city dwellers. Rather than buying housing units, residents prefer to have the flexibility of living in rented portions and rented houses.
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