After the pandemic situation improved and employees began to physically move into offices, the increased demand for housing drove up rents.
North and East Bengaluru saw peak appreciation of up to 24% in the average monthly rent for a 1,000 sq ft two-bedroom apartment
During an IPL match at Chinnaswamy Stadium in Bengaluru, an audience member held up a “Looking For 2 BHK in Indiranagar” banner which he uploaded to Twitter. The person had been looking for a rental house for two months. The photo went viral and netizens started talking about rent hikes in Bengaluru and difficulty in finding a 2BHK. In addition to rent increases, landlords also impose various conditions.
In Bangalore, rented houses have jumped 20-30%. Rent for a 2BHK house in Bengaluru now stands at Rs 40,000 per month and can go up to Rs 60,000 per month depending on the area and facilities of the apartment.
In areas like Bellandur, Sarjapur Road, Jayanagar, Basaveshwaranagara and Indiranagar in Bengaluru, rents are highest. 3BHK rental rates in Bellandur, Basaveshwaranagara and Indiranagar vary between Rs 65,000 and Rs 1.6 lakh per month.
My landlord from Bengaluru raised the rent without any warning, completely ignoring the terms of our contract.
😐
— Khushboo Verma (@khushbooverma_) April 4, 2023
According to real estate consultant Anarock, North and East Bengaluru have seen peak appreciation of up to 24% in the average monthly rent for a 1,000 sq ft two-bedroom apartment over the past year among seven major cities. .
In its report on Thursday, property consultancy Anarock said Thanisandra Main Road and Marathahalli-ORR in Bengaluru recorded the highest residential rent growth of 24% year-on-year in the January-March period. for a standard 2BHK house of 1,000 square feet.
Whitefield and Sarajpur in Bengaluru occupied the second and third positions with a growth of 21% and 20%, respectively, in rents between January-March 2022 and January-March 2023.
Why are there soaring rents in Bangalore?
Due to the pandemic, most houses were vacant due to working from home or tenants were giving less rent. Now, after the pandemic situation has improved and employees have begun to physically move into offices, the increased demand for housing has driven up rents.
Owners Terms
According to various available media, some landlords also impose strange conditions before renting their properties. Recently, a man was rejected by a landlord because he didn’t get 90% of class XII. The landlord expected 90% in class XII from the tenant, while the man got 75%.
Read all the latest business news, tax news and stock market updates here
