Bengaluru house rentals rose about 30% in 2023, highest among all metros: Reports
Moneycontrol quoted independent surveys as saying. According to No Broker's Real Estate Report 2023 and consultancy firm Anarock, Bengaluru’s prominent areas soared by over 30 percent in 2023.
In its report, No Broker noted that seven percent of Bengaluru and Mumbai's landlords hiked rents by over 30 percent in 2023, adding that 52 percent of the landlords surveyed in Bengaluru rely completely on their income from rents. ALSO READ: Bengaluru Metro: Work on Yellow Line nearly complete but services won't start any time soon, here's why While Anarock's report noted Bengaluru, Hyderabad, and Pune have seen maximum rental hikes in the first nine months of 2023, added the Moneycontrol report.
A standard 2BHK flat of about 1,000 square feet area in Bengaluru’s Whitefield witnessed rents hike by 31 percent while rents for such homes in Sarjapur increased by 27 percent. “With more people entering the city, and fewer spaces available, rents have gone up in Bengaluru.
In 2023, the Indian real estate sector witnessed robust growth in terms of increasing demand for property buying, surging rentals, and soaring property prices, especially in Bengaluru," Times of India quoted Saurabh Garg, co-founder and chief business officer of No Broker as saying. However, he added that the gap between demand and supply would eventually reduce and result in a more controlled increase in rents.
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