Huge demand for rental houses in the city
IT employees returning to offices
House rents increased by 5 to 15 percent
Double-bedroom houses in high demand
There is a growing demand for rental houses in Hyderabad. Not only that, but home rents are also increasing significantly. With IT professionals returning to offices from work-from-home arrangements, office spaces are now bustling with employees. This surge is impacting rental prices. According to real estate market sources, rents in Hyderabad have risen by 5 to 15 percent depending on the area.
The real estate sector across the country is slowly stabilising. IT employees who had been working from home are now resuming office work. As a result, IT offices in metro cities are once again bustling with activity. In addition to IT professionals, employees and workers in sectors such as pharmaceuticals, finance, banking, and manufacturing are also working full-time. With the shift from work-from-home to office work, employees are moving from their local areas to cities and towns.
This shift has led to a significant increase in demand for rental houses in major cities across the country. Whenever a rental notice appears, someone quickly takes it up. In such favourable conditions, there is an unexpected impact on rental prices. As a result, home rents are gradually increasing, especially in areas where IT companies and major offices are located.
Demand for luxury residential rentals in Hyderabad has significantly increased. Over the past three months, there has been a gradual rise in demand for rental homes in Hyderabad. At the same time, there is a strong demand for double-bedroom houses in the Greater City area. In the overall rental market, double-bedroom homes account for 55% of the demand, single-bedroom homes make up 23%, and three-bedroom rental homes account for 20%. Consequently, rental prices in Hyderabad have risen by 5% to 15%, according to recent figures.
In areas like Manikonda, Kukatpally, Madhapur, Gachibowli, Kondapur, Miyapur, Puppalaguda, Sheikhpet, Tolichowki, Uppal, LB Nagar, and Kondapur, there is a high demand for rental homes. The lack of sufficient housing supply in these prime locations is contributing to the rise in rents.
In Gachibowli, the rent for a double-bedroom house is Rs 30,000, while for a triple-bedroom house it is Rs 36,000.
In Kondapur, the rent for a 2BHK is Rs 24,000, and for a 3BHK it is Rs 30,000.
In the Hi-tech City area, the rent for a 2BHK is Rs 35,000, and for a 3BHK it is Rs 47,000.
In Madhapur, a double-bedroom house rents for Rs 26,000, and a triple-bedroom house rents for Rs 35,000.
In Kokapet, the average rent for a 2BHK is Rs 26,000, and for a 3BHK it is Rs 36,000.
In Narsingi, the rent for a double-bedroom house is Rs 24,000, and for a triple-bedroom house it is Rs 34,000.
In Kukatpally, a 2BHK rents for Rs 20,000, and a 3BHK rents for Rs 26,000.
In Manikonda, the rent for a double-bedroom house is Rs 25,000, and for a triple-bedroom house it is Rs 32,000.
Luxury apartments and gated communities in these areas continue to have higher rents.
Overall, the increase in rental prices in Hyderabad is causing concern among the middle and lower-middle class. While salaries for employees are not rising, rental costs have increased, with more than half of their income being spent on housing. Many middle-class workers are now residing in the outskirts of the city due to high rental prices in the main areas.
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