The Covid-19 pandemic has turned the whole world upside down, completely changed the way we lived our lives. This is a terrible time for all of us, we’re all afraid of shaking hands, we’re all afraid of leaving our homes even for urgent needs, the faces are covered with masks, hand sanitizers have become a part of our lives, and no one knows how long this is going to remain the same. We’re all stressed, and the stress and impact of the coronavirus crisis can also be seen on a wide range of businesses and industries, and real estate is no exception.
The dreams of buying a home have shattered
Covid-19 pandemic has not been a good time for salaried employees. Here is a report- According to the Centre for Monitoring Indian Economy (CMIE), About 21 million salaried employees lost their jobs during April-August, with about 3.3 million jobs being lost in August and 4.8 million in July. In a very short period of 9 months, the business world has changed drastically. we’re witnessing the global economy into one of the worst recessions.
During the lockdown, Somewhere around 71.31% of the businesses dealt with reduced cash flows. And, the manufacturing industry got the worst hit.
This market condition has shattered many dreams, especially those who wanted to buy in the coming time. Now, due to so many jobs lost and businesses being shut down, people have postponed their dream of buying a home. People are reluctant to taking financial risks, they’re taking the safe side and trying to make the best use of what they have.
Rental properties will increase in demand
From students to those with transferable jobs as well as people who will give a start to their career make up the main body of tenants. Most people are unsure about their jobs, and there is a limited willingness to buying a property- this will increase the demand for rental properties.
The job and business world is dealing with a lot of questions due to the pandemic, home-buying decisions are on hold, probably for years to come, the demand for rental properties will go up.
An opportunity for property owners
More and more property owners can list their properties for rent, it will be a great source of additional income. There will be various tenants looking for a property that you may have, though there can be some bargain due to the current market conditions.
Nobody knows when the situation will get back to normal and how many more changes are about to come. The future is already unpredictable and things at the moment are not in control, it will be worth noticing how the real estate industry changes in the coming time.