The global pandemic– COVID-19 and the subsequent lockdown have led to mess up our lifestyle. From financial disastrous to locked up the living pattern, it is a new normal in our life that we all are contemplating each other. Good or bad, we don’t have any option to negate so.
But what has been constantly making noise is that most tenants have already left their offices as well their rented houses because of not meeting up their expenses due to the disengagement of jobs as well the incomes have gone downturn.
The capital city, Bhubaneswar is mostly dominated by the migrants who flew from different parts of Odisha and noticeable most of them are private job holders or small entrepreneurs and among them, the student’s group would be living in rented houses goes beyond lacks. In totality, Bhubaneswar is a city of rented houses, odd 20 per cent people are the real locals of its inception. (Sources)
After more than 100 days unprecedented lockdown to shut down, it is well perceived they all go back home or do arrangements differently to cut down their expenses and that is the reason without second options 60 per cent of the tenants have already left their rented houses and offices.(Sources)
Even if earlier the State Government appealed the house owners due to waive-off or at least defer the rent for few months due to the virulent virus, but it didn’t have any meaningful impact in the end.
‘PAY WHAT YOU CAN’ – should have been the response of one landlord to their tenants during this tough time which we all are suffering from. If we see the bigger picture here, after this COVID situation, TO-LET or has been the common denominator in Bhubaneswar. Even if we go through any road or lane, you will witness everywhere TO-LET.
Due to the sluggish market, many owners are looking for renting out their property as due to unable to meet the finance, tenants are avoiding rent homes. In this scenario, both the landlord and the tenants are suffering from a huge loss. Majority of the owners who want to rent out their property, expect the rental prices to go down, while only a few want to mutual concessions.
Even the property brokers expect demand to go down post coronavirus, while some of them are uncertain about future changes. According to a survey, there will be increased use of digital tools by developers and brokers to market their products.
In some cases, the landlords were supportive as they understand the indispensable situation of the market and it may not be simpler for them to get on board a new tenant in a lockdown situation and have in some cases even offered to take a rent reduction.
To-let is seen everywhere, but getting desirable tenants for the landlord would be a tough task since landlord won’t go down heavily similarly tenants try best to grab the opportunities in both hands to bargain at it’s best in considering its algorithm.
In the future, it will be more difficult in dealing with rented properties as the post COVID situation impacts will be completely different. Let, To-Let be the new normal in this (once a booming city) capital city, Bhubaneswar.
Article Written By Dibyajit Sahu And Dikyaa Mohanty
Image Source: Google