Customers using the phone which cost over Rs 50,000 would be willing to pay 20% higher rent with an average budget of Rs 25,000 per month, according to a study conducted by two real estate web portal.
Data from the study suggest that on average, “A user with a phone price bucket (PPB) of less than Rs 10,000 would be ready to pay anywhere between Rs 10,000 to Rs 17,000 per month depending on the city with an average budget of the Rs 14,000 per month.”
“The study indicates that customers who own a phone between Rs 10,000 – 20,000 would likely be willing to spend an average of Rs 16,300 per month on a rental home. Customers who spend between Rs 20,000 to Rs 50,000 on their phone would be willing to pay 27% higher than the previous category and their average budget would likely be Rs 20,700 per month”, a survey said.
Rental cost trends in key cities:
1) Mumbai has the maximum average rental at Rs 23,000 per month which is 30% higher than Chennai that offers home at an average rent of Rs 17,600 per month.
2) New Delhi’s average rent closely follows Chennai’s and is at Rs 17,300 per month followed by Hyderabad at Rs 16,400 per month.
3) Kolkata, where average rental rates stand at Rs 11,400 per month is the most inexpensive location when it comes to rent among the major metros. Pune at Rs 13,200 per month is the next pocket-friendly rental hotspot.
4) 45 – 47% of property seekers in Mumbai, Chennai and Hyderabad use a phone that is in the range of Rs 10,000-20,000 to search for homes on rent. However, rental home seekers in New Delhi used a phone in the range of Rs 20,000-50,000 category.
5) About 49% of rental home seekers in Kolkata searched properties for rent with a phone that falls in the bracket of Rs 10,000-20,000. However, the next big bracket is for users who use a phone within Rs 10,000.
The Survey was conducted by Housing.com and Makaan.com, Ravi Bhushan, Group Chief Product and Technology Officer of both portal and PropTiger.com, said, “High-end mobile phones are predictive of a person’s economic status. The choice of brand of phone and housing is indicative of the lifestyle one wants to maintain and a correlation between the two is intuitive. The study confirms that customers who spend higher on their gadgets will naturally do so for their homes as well but quantifies it for the first time.”