Rental Property Trends in Johar Town Lahore
In Pakistan, the property prices have stagnated heavily in the past couple of years the effect of which is also very prominent in the rental sector. According to an estimate, the rental prices have gone up by 20-25% in this time making rental properties a great investment for the investors.
Even when the property prices were declining, the rental market was booming and investors were making some great returns.
Since a larger part of the population lives in rental homes and Johar Town is the most popular locality for living on a budget, here we will take a look at a rental property in Johar Town Lahore in the current year.
Small Home Portions are the Most Preferred
Among other rental properties, small home portions were the most preferred in Johar Town. Trends show a growing demand for portions of 5 marla, 10 marla, and 12 marla homes. The rental prices of these portions differ due to a number of factors such as construction, number of rooms, location, and available amenities.
Apartments are the Next In-thing
With the growing demand for land and houses, the trend of apartments has really prevailed in Lahore. There are a number of apartment projects being constructed and many have been completed. There are apartments for rent in Johar Town Lahore, in different blocks that attract a lot of tenants. The reason why apartments are gaining a lot of attention is that they are low budget. Moreover, there is no meddling of landlords and you can enjoy complete privacy. Based on these reasons, property trends suggest that the demand for apartments has increased significantly.
Decreasing Demand for Independent Houses
Due to the increasing rents of homes, the demand for independent houses has decreased significantly. It has become difficult for salaried class people to afford independent homes on rent. Considering the low demand, landlords have shifted focus on renting out portions rather than complete homes. It also allows them to earn more income. You may easily find Property in Johar Town Lahore in different price ranges but they are expensive as compared to portions and apartments.
The implementation of taxes and increasing prices of properties have had an adverse effect on rental prices. As compared to other areas of Lahore, the rentals in Johar Town Lahore are still quite less. If you have just moved to Lahore, Johar Town will provide you with the best living experience. As far as those people are concerned who have a few savings, this is a good time to save more money and purchase a property.
For more information about houses for rent in Johar Town Lahore, feel free to visit ilaan.com to view an array of property listings in different blocks. You can also get in touch with us through live chat or email. We will love to hear from you.