Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in BRICS is experiencing significant growth and development due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In the BRICS countries, there is a growing preference for residential real estate leases due to several factors. Firstly, renting provides flexibility and mobility, allowing individuals to easily relocate for work or personal reasons without the burden of selling or buying a property. Additionally, renting is often more affordable than purchasing a home, especially for younger generations who may not have the financial means to make a down payment or qualify for a mortgage. Furthermore, renting offers a sense of convenience, as maintenance and repairs are typically the responsibility of the landlord.
Trends in the market: One of the key trends in the residential real estate leases market in BRICS is the increasing demand for rental properties in urban areas. Rapid urbanization and population growth have led to a higher concentration of people in cities, creating a need for more housing options. This has resulted in a rise in rental prices and a decrease in vacancy rates in major cities across the BRICS countries. Additionally, there is a growing trend of co-living and shared housing, particularly among young professionals and students, who are seeking more affordable and communal living arrangements.
Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the residential real estate leases market. For example, in Brazil, the government has implemented housing programs to address the housing deficit, which has led to an increase in the availability of rental properties. In Russia, the market is influenced by the large number of expatriates and foreign workers who require temporary housing solutions. In India, rapid urbanization and the rise of the middle class have fueled demand for rental properties in major cities. In China, strict regulations on property ownership and a preference for investing in real estate have contributed to a thriving rental market.
Underlying macroeconomic factors: The development of the residential real estate leases market in BRICS is also influenced by macroeconomic factors. Economic growth, rising incomes, and urbanization are driving the demand for rental properties. Additionally, low interest rates and limited access to mortgage financing in some BRICS countries make renting a more attractive option for individuals and families. Government policies and regulations also play a role in shaping the market, with some countries implementing measures to promote affordable housing or regulate rental prices. Overall, the residential real estate leases market in BRICS is experiencing growth and development due to customer preferences for flexibility, affordability, and convenience. The increasing demand for rental properties in urban areas, the rise of co-living arrangements, and the unique circumstances and macroeconomic factors in each BRICS country contribute to the overall trends and development in the market.
Data coverage:
Figures are based on total and average revenue of residential apartment leases.Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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