During an IPL match in Chinnaswamy Stadium in Bengaluru, an audience member was holding a banner ‘Looking For 2 BHK in Indiranagar’ which he uploaded on Twitter. The person had been looking for a rented house for the past two months. The photo went viral with netizens started talking about rent hikes in Bengaluru and difficulty in finding a 2BHK. Apart from rent hikes, landlords are also putting various terms and conditions.
In Bengaluru, rented homes have seen a jump of 20-30 per cent. The rent for a 2BHK house in Bengaluru now stands at Rs 40,000 per month and it rises to as high as Rs 60,000 per month depending upon the area and facilities in the apartment.
In areas like Bellandur, Sarjapur Road, Jayanagar, Basaveshwaranagara and Indiranagar in Bengaluru, rents are the highest. The 3BHK rent rates in Bellandur, Basaveshwaranagara and Indiranagar range between Rs 65,000 and Rs 1.6 lakh per month.
My Bengaluru landlord hiked up the rent without any warning, completely ignoring the terms of our contract.And when I asked for an explanation, he simply said ‘If you don’t like it, you can leave and find a new place.’
— Khushboo Verma (@khushbooverma_) April 4, 2023
According to property consultant Anarock, north and east Bengaluru have witnessed maximum appreciation of up to 24 per cent in average monthly rent for a 1,000-square feet two-bedroom apartment in the last one year among seven major cities.
In its report released on Thursday, real estate consultant Anarock said that Thanisandra Main Road and Marathahalli-ORR in Bengaluru recorded the highest residential rental growth of 24 per cent each year-on-year in the January-March period for a standard 2BHK home of 1,000 square feet area.
Whitefield and Sarajpur in Bengaluru were at second and third positions with 21 per cent and 20 per cent growth, respectively, in rental between January-March 2022 and January-March 2023.
Why Is There A Steep Hike In Rents In Bengaluru?
Due to the pandemic, most houses were vacant due to work from home or the tenants were giving less rent. Now, after the pandemic situation improved and employees started joining offices physically, the increase in demand for homes has raised the rents.
Conditions of Landlords
According to various media reports available, some landlords are also putting weird conditions before letting out their properties. Recently, a man was rejected by a landlord because he did not get 90 per cent in Class XII. The owner was expecting 90 per cent in Class XII from the tenant while the man scored 75 per cent.