Karachi, Pakistan’s largest city, teems with energy and life at all hours. Even though the city has had its fair share of hardships in the past and continues to struggle to maintain law and order, Karachi is without a doubt the economic hub of Pakistan where businesses flourish and luxury prevails.
The fast pace of life in Karachi is legendary, and the City of Lights continues to attract people from all corners of the country. This influx of new residents needs places to stay, which is why demand for a house for rent in Karachi is soaring. While there are several excellent localities in Karachi, Defence Housing Authority (DHA) Karachi and Clifton have emerged as the top neighborhoods in the city, where buyers and renters are most eager to live, since both offer luxurious living, a contemporary lifestyle and magnificent surroundings.
According to search trend statistics from Zameen.com, the top property portal in Pakistan, in January 2015 Clifton was the third-most popular locality in Karachi for renting. DHA Karachi, on the other hand, was the fourth-most searched for locality in the city. The immaculate and secure surroundings that DHA has to offer make it extremely desirable to tenants of all dispositions. In DHA Karachi, the average rental price of a 125-square-yard house in January 2015 was PKR 80,000 according to Zameen.com’s stats. The rental price, on average, for a 500-square-yard house was PKR 175,000, while the average rent for a 1,000-square-yard house was PKR 225,000.
Clifton is located close to DHA Karachi. The vicinity of this locality to Clifton Beach makes the prospect of living there all the more exciting. The average rental prices in Clifton appear to be higher than the rents in DHA Karachi. For instance, a 125-square-yard house in Clifton currently has an average rent of PKR 115,000 according to Zameen.com’s figures. For a 500-square-yard house, the average rent was PKR 200,000. And in order to rent a newly built house spanning 1,000 square yards in Clifton, tenants will have to pay PKR 350,000 a month, while a 15-year-old house of the same size might be available for an average rent of around PKR 250,000.
As these localities provide plentiful amenities, tenants seek the conveniences and comforts they have to offer. With the rental market of Karachi growing rapidly, further growth in demand for rental properties is inevitable in the future.