In the times of this pandemic, several people working in the Hyderabad especially IT sector have returned to their native places. Many organizations have extended the “work from home” option.
Impact Of Work From Home On Rental Market
The workforce has decided to stop renting and go back to their homes. From their native place they are continuing to remotely work. Here, it will be appropriate to focus on the important points.
Employees are afraid that in case they get affected by Covid while in Hyderabad, they have to handle the situation all alone. There won’t be any moral and local support. They are moving back to their hometowns, with the intention of returning after normalcy gets restored. Thus, they are on the lookout for places where their belongings can be safely stored, till they come back to the city.
New Trend of Renting Purely For Storage of Materials
As a result of the prevalent situation, a new business is thriving in the city – providing rental spaces for storage of belongings. The possessions of the IT employees can be safely kept in these spaces, against payment of rent.
The employees are aware that they have to return to their workplaces in Hyderabad sometime in the future. The situation will change for the better. Soon on returning, they can collect their belongings from the above locations and resume their normal, pre- pandemic routine.
Apart from employees, even small organizations and restaurants are opting for places where belongings can be stored on rent basis. These small hotels and companies are badly hit by the Corona crisis, financially, and are hence compelled to relinquish their leased locations.
Co-Sharing Premises Purely For Storage
The reverse migration of professionals doesn’t look like reducing in the immediate future. As more and more IT people are rushing back to their towns, one more thing has been observed. There are now many instances where several employees are coming together and storing all their belongings in a single flat. Here, the rent is equally shared by all of them. This has further boosted the storage- for- rent market.
Booming IT Market and Reluctancy To Work From Offices
Despite the adverse circumstances, there are still plenty of jobs available for IT professionals. But the key point here is that the people are reluctant to work from offices, due to the Covid scare. The selected candidates are keen to begin their work only from their respective homes.
The fear that the pandemic has caused is such that the employers can’t force their staff to come back to office. If they try to do so, the personnel are even prepared to quit the job. The risk of contracting Coronavirus is more serious than being without a job for a while.
This fear expressed by the IT employees is justifiable. Majority of this workforce is composed of younger people below the age of 45 and most of them are yet to get vaccinated against Covid.
Additionally, the aspect of cost is also making the people decide in favor of working from home. They are enabled to save a lot of money that would have otherwise gone towards things like food and rent.
Numerous employees of the IT sector are now working from their hometowns. Consequently, places in Hyderabad like malls, high-end restaurants and entertainment centers are doing much lower business. Most of the customers of these places are IT professionals and many of them are right now away from the city.