Karachi’s rental market – a look at the latest figures

Being the most populated city of Pakistan, the real estate market of Karachi is always active. So no matter what happens on the property-trade front, a good number of interested tenants always do exist in the metropolis.

Here, home seekers have many options: from sharing accommodation (and of course rent) to renting entire plush bungalows and luxurious penthouses in the city’s poshest areas.

While a plethora of renting options seamlessly greet potential tenants, these residential units also help to generate a stable and guaranteed source of monthly income for their owners. Considered from this angle too, the rental market of Karachi is pretty lucrative.

Let’s have a look at the top three localities for renting a house in Karachi.

1.    DHA

DHA Karachi, because of its brand name, is a popular place among tenants seeking to fulfil certain lifestyle expectations.

In DHA, potential tenants are drawn to renting houses in Phases V and VI; primarily because these sections are comparatively posher. And compared to Phases I and II, these phases offer a better ambience as well – since they are centrally located within the project.

The average rental price of a 500-yard² upper portion in DHA Phases I and II falls in the PKR 80,000 to PKR 100,000 range. To rent an upper portion in Phase VI, which prominently features 300 square yard bungalows, you would be required to pay an average monthly rent of PKR 75-80.

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.

2.    Gulshan-e-Iqbal

Being centrally located, Gulshan-e-Iqbal is the most popular locality among potential tenants looking to rent a house in Karachi.

The neighbourhood offers easy access to all parts of the city and boasts the presence of some of the finest educational, health, and recreational facilities the metropolis has to offer. Currently, the locality occupies the second position on Zameen.com’s rental Search Trends meter.

Gulshan-e-Iqbal offers double-storey bungalows, which attract high rental demand for their upper portion spaces.

Naturally, out of the total 19 blocks, demand is higher in some more than others. This former category includes those falling in the Works Society i.e. Blocks, 8, 9, 15, 16, 17, 18, and 19. The average rental prices are also higher for the upper portions of bungalows located in these blocks.

Consider this: The average rental price of a 240 square yard, 3-bed upper portion in the Works Society is PKR 50,000 per month.

On the other hand, the average rental price of houses in other blocks, including the largest Block 13, is lower (in comparison).

In this ‘lower rent’ blocks category, the rental price of upper portions generally falls between PKR 25,000 and PKR 40,000.

3.    Gulistan-e-Jauhar

Being the third most popular area to rent property in Karachi, Gulistan-e-Jauhar offers a ‘happening’ ambience dominated by recreational and dine-in facilities – which remain crowded, day-in and day-out.

Just like Gulshan-e-Iqbal, the project is centrally located in the city. But unlike DHA and Gulshan-e-Iqbal, the number of rentable apartment units available here is proportionately higher.

In Gulistan-e-Johar, the most popular blocks among potential tenants include Blocks 15, 16, 17, 18, and 19. Blocks 1, 2, 3, 4 and 15 feature several high-end apartments, so average rents are higher in these sections.

Additionally, the society features a large number of 240-square yard houses; which amount to very popular home renting options for tenants. Their average rental price is PKR 45,000 per month. On the other hand, the average monthly rent demanded for a 3-bedroom apartment amounts to PKR 35,000.

So this was our guide to renting a suitable residential portion in Karachi. We hope that the information listed here will help you in making an informed decision.

If you need further help, or wish to speak to an agent who can aid you in finding a space to rent, please reach out to us through the comments section below.