Dhaka dwellers are choosing smaller and more affordable homes for rent amid the Covid-19 outbreak.
This is according to a trend analysis of the current situation for renting properties in the city conducted by Bproperty, the sole property solutions provider in Bangladesh.
The research data was collected via the number of users, listings added and queries made at bproperty.com over the past six months, starting from January 2020 to June 2020, read a press release.
Since March, when the Covid-19 pandemic hit the country, most people have been looking for two-bedroom apartments with the preferred size between 1,000-1,500 sq ft.
The average rent people are willing to pay is between Tk10,000-Tk20,000.
Bproperty's analysis has also revealed that in the year 2020, some of the areas with the lowest average rent include Shyampur (Tk8,086), Khilkhet (Tk11,386), Maniknagar (Tk12,427), Kafrul (Tk14,864), Dakshin Khan (Tk15,233), Agargaon (Tk15,829), Hazaribagh (Tk15,918).
Despite the growing demand for rentals in these areas, Uttara, Bashundhara residential area and Mohammadpur remain the most demanded areas for rent. These areas make up about 35 percent of the total demand for 2020.
Bproperty CEO Mark Nosworthy said, "Given the current situation, it is understandable why there has been so much movement in the rental scene. A lot of people are having difficulty meeting their living expenses, which would explain why they prefer to move and rent a less expensive place. We understand peoples' demand, which is why we are very determined to help everyone find their desired homes to rent."
The first quarter of 2020 had been great for rental properties with rental listing growth increasing by about 20 percent from the last quarter of 2019.
The rate of rental property listings started to dip during the end of March when the lockdown was first officially announced, partially because the situation regarding Covid-19 was new for everyone, most people were not sure what to expect and regular activities were slowed down.
The demand for rental properties began to increase again starting in May but it was during June when Bproperty website received a lot of hits on rental properties.
As per the data, many people are looking to rent at the moment and the overall amount of queries for rent is higher than the early part of the year.