Cheras, a bustling suburb in the southeast of Kuala Lumpur, has been under a rental boom lately. With the city’s increasing population and a thriving business district, there is no shortage of demand for affordable and comfortable rooms in the area. However, the rental market in Cheras is continuously evolving, making it challenging for renters and landlords alike to keep up. In this article, we’ll explore the latest trends in Cheras’ room rental market and provide insights into the changes that are affecting both the supply and demand of rental rooms in the area.
The Impact of the Pandemic on Room Rental Market
The COVID-19 pandemic has undoubtedly impacted the global economy, and the room rental market in Cheras is no exception. The lockdown measures and travel restrictions have caused a decline in demand for rental rooms, knocking down rental rates by an estimated 5-10%. According to a survey conducted by local real estate groups, the number of room rental inquiries has reduced significantly in the first half of 2021. Additionally, landlords have been forced to lower their rental rates or offer value-added services to attract tenants to keep their property from staying empty.
Rising Popularity of Co-Living and Co-Working Spaces
The rise of co-living and co-working spaces is another essential trend in Cheras’ room rental market. Millennials, who value experience and community living, prefer co-living spaces that provide shared spaces like kitchens, living areas, and common rooms. Similarly, many professionals have found the convenience of co-working spaces within the same building their accommodation. Landlords have tapped into this trend by converting their properties into co-living spaces with minimalist decor, free Wi-Fi, and community events. This move has resulted in increasing rental rates for rooms in these buildings.
Increased Preference for Fully-Furnished Rooms
Another noticeable change in the Cheras room rental market is the increased preference for fully-furnished rooms. Most renters are looking for rental spaces with modern amenities and furnishings like air-conditioning, TV, bed, and a wardrobe. With more people working from home, there is a higher demand for basic necessities like a desk and chair. Additionally, international students are a significant market for Cheras’ room rental market, and the majority of them prefer fully-furnished rooms to avoid additional expenses on furniture. Should you desire to dive deeper into the subject, cheras room for rent. We’ve handpicked this external material, which contains worthwhile details to expand your understanding.
In conclusion, the room rental market in Cheras faces many changes as the global economy continues to struggle with the pandemic’s impact. The shrinking demand for rental rooms and the rise in co-living and co-working spaces are some of the significant trends in the Cheras room rental market, making it crucial for landlords to adjust their rental strategies. Similarly, renters should consider these trends when evaluating their accommodation needs to make an informed decision. The increasing preference for fully-furnished rooms is an opportunity for landlords to provide modern amenities that meet renters’ needs and differentiate their properties from the competition.
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