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Being the home of over 200 million people, Karachi’s real estate market never seems inactive. Regardless of the ups and downs in the property-trade front, a significant number of tenants/rent always shows their presence in the mega city.
In Karachi, renters have a lot of option. From a room sharing or small apartment to renting deluxe bungalows in poshest areas of the city and luxurious farmhouses in outskirts of the city.
A surfeit of renting options creates an ample of opportunities for potential tenants. It not only helps renters to find affordable accommodation within their range but also helps owners to generate a guaranteed and stable source of monthly income. Looking at these aspects, the rental market of the city is extremely lucrative.
Let’s talk about three of the most attractive localities for renting a house in Karachi.
Being located at the heart of the city, Gulshan-e-Iqbal is one of the most popular locality among potential renters willing to rent a house in the center of the Karachi.
The locality offers easy access to all areas of the city and has the presence of some of the finest health, educational and recreational facilities the mega-city has to offer.
From small apartments to double-storey bungalows, Gulshan-e-Iqbal offers a wide range of living options which attract high rental demand, particularly for upper portion spaces.
The demands for different blocks of Gulshan-e-Iqbal is uneven. Out of its 19 blocks, the demand for block 8,9, 15, 16, 17, 18 and 19 are comparatively higher. Therefore, house seekers will have to pay high average prices for the upper portions of bungalows located in these blocks.
Talking about the average rates there, the 240 square yards, a 3-bed upper portion in the Works Society will almost cost PKR 50,000 rent per month.
Contrary, the average prices for rental purposes in other blocks are relatively low including the famous block 13.
The blocks with comparatively low rents, the prices varies within the range of PKR 25,000 to PKR 40,000.
Defence Housing Authority (DHA)
Defence Housing Authority (DHA ) Karachi is a well-known brand name in the real estate industry of Pakistan. It is one of the poshest areas of the city and popular place among house seekers who want to live with a certain lifestyle as the community that prefers DHA for the living is mostly consists of a high class.
One can find potential tenants in Defence Housing Authority in Phase V and VI. These phases not only offer a good ambiance as compare to Phase I and Phase II but they are also comparatively posher than other phases. The core reason behind this edge is because these phases are located in the center of the project.
Talking about the pricing in DHA Phase I and II, the average rental rates of a 500-yard2 upper portion ranges from PKR 80,000 to PKR 100,000. However, the rates for the upper portion in Phase VI which necessarily features 300 square yard bungalows, are averaging almost PKR 75-80 thousand monthly.
The average rental price of a 500-square yard house upper portion in Phases V, VI, and VII ranges from PKR 100,000 to PKR 120,000.
Gulistan -e- Jauhar has secured the third rank in the list of most popular locality to rent property in Karachi. The area offers every facility that is required to make it a hot cake for house seekers. From education and health institutes to fine dine-in restaurants and recreational activities, you can find everything that makes this locality a perfect choice for you.
Similar to Gulshan-e-Iqbal, the project is also located in the center of the Karachi. But contrary to Gulshan and DHA and Gulshan-e-Iqbal, the number of apartment units available here for rent is comparatively higher.
The topmost in demand blocks of the area include Blocks 15, 16, 17, 18, and 19. Blocks 1, 2, 3, 4 and 15 feature various posh and high-end apartments, therefore, average rent prices are higher in these blocks.
Moreover, the Gulistan -e- Jauhar also have a large number of 240-square yard houses; which has a very popular home renting choices for renters.
Talking about the prices, the average monthly rental rates are PKR 45,000. However, the average rate for a 3-bedroom flat is PKR 35.000 per month.
This is our working to form a brief guide for tenants who are looking to rent suitable accommodation options in Karachi. We hope this information will not only make you aware of the trends of the rental market but also assist you in making a determined decision.