In the last 2 years, India has seen a surge of people travelling from city to city looking for jobs, while many struggled to find homes for rent. The rental housing market has seen a downfall since the pandemic hit, declining by 5-15% in 2019. In the year 2021, the market started to recover as employees moved back to offices and then came the third wave and the market went down again subsequently due to working from home. After Covid settled down in the year 2022, offices started to open up and residential corridors in the capital Delhi started to recover in October with office participation at 50%.
There was a massive demand for rented accommodations, especially among IT employees who have been relocating to metropolitan cities for job opportunities, ever since work resumed including people who had gone back to cities are now coming back for jobs after the removal of covid restrictions. It is expected that in the coming 5 years there will be a huge demand in the rental market which will also make the prices go higher.
This is where FindMyRoom comes in, a platform launched in the year 2019 that aims to help people find either a roommate or accommodation in the cities of Bangalore and Pune for the start. The platform connects roommates and tenants without any third party involved, charging a low amount and comes with a subscription-based model. The space owner will simply have to fill up a form with certain general information about their apartment and then list it in the space for free.
The growth of FindMyRoom is expected at a CAGR of 40% over the next 5 years with the startup looking to hire more employees, in the coming time FindMyRoom is looking to expand marketing and tech reaching to a larger audience.
