Rents increased by 8 percent in Bengaluru.
Four percent increase in Hyderabad.
Residents of the country have been burdened not only by inflation but also by rising rental prices. With all the offices fully open, the demand for rental houses has increased. Due to this, the owners increased their rents. Statistics show that rents in Bengaluru have increased by 8 percent in the last quarter.
By the end of 2022, the rent for a 2-bedroom apartment in Whitefield was Rs. 22,500. On Sarjapur Road, it was Rs. 24,000. By the end of 2023, these had increased to Rs. 30,200 in Whitefield and Rs. 31,600 in Sarjapur Road. By the end of the first quarter of 2024, these had risen to Rs. 32,500 in Whitefield and Rs. 34,000 in Sarjapur.
According to the Anarock report, Bengaluru is second in the country with an 8 percent increase in rents. Sector 150 in Noida stood highest. In Hyderabad, rents increased by 5 percent. In Chennai, an increase of 4 percent was seen. As rents have increased so much, it will become a challenge to find affordable houses for rent in urban areas.
According to the latest Anarock report, the demand for rental houses in the major cities of the country is good. It seems that the average rental income will also increase. In these circumstances, it is understood that the income will be good from the investments made in the properties. Bengaluru continues to lead the segment with a rental income of 4.45 percent in Q1 2024 due to the IT sector. Pre-Covid mirror revenue has increased sharply from 3.6 percent.
Mumbai is second after Bengaluru, with a rental income of 4.15 percent. Before COVID, it was 3.5 percent. Gurugram also has a rental income of 4.1 percent. Before COVID, residential rents in India were very stagnant. After COVID, the demand for rental houses in cities like Bengaluru, Gurugram, Pune, Noida, and Mumbai has increased, and the rents have increased, Santosh Kumar of Anarock revealed.
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