House Rent in Bengaluru, Hyderabad, Pune: Average monthly rentals in top areas jump over 30%
Housing rents continue to soar across top 7 cities, led by leading IT/ITeS hubs Bengaluru, Hyderabad, and Pune. According to latest ANAROCK Research data, among top 7 cities, residential rentals in Bengaluru’s prominent areas soared by over 30% in the first nine months of 2023 (9M 2023).
A standard 2BHK flat of approx. 1,000 sq. ft. area in Bengaluru’s Whitefield saw rents grow by 31% in 9M 2023, followed by Sarjapur Road where rents for such homes rose by 27% in this period.
Average monthly rent for a standard 2BHK home of 1,000 sq. ft. at Whitefield increased from Rs 24,600/month by 2022-end to Rs 28,500/month by September-end 2023. At Sarjapur Road, average monthly rents increased from Rs 24,000/month in 2022-end to Rs 30,500/month in September 2023.
Interestingly, the next two rental growth hotspots are also IT/ITeS hubs. Hyderabad witnessed the 2nd-best rental value growth with key markets in the city seeing up to 24% growth in this period against all prominent localities in the top 7 cities of India.
Also Read: Public Provident Fund to Fixed Deposit: Top 6 Investments on Dhanteras 2023 to Bring Home Prosperity
In HITECH City, the average rents stood at Rs 24,600/month by 2022-end; by the end of Q3 2023, they were Rs 28,500/month – a 16% growth in the nine-months period. Gachibowli saw rents zoom up by 24% in the same period – from Rs 23,400/month by 2022-end to Rs 29,000/month by September-end this year.
The third prominent city to see good rental values growth was Pune, where the Hinjewadi micro-market recorded a rental value growth of 17% in the last nine months. Here, the average rents were Rs 21,000/month by 2022-end and Rs 24,500/month by September-end 2023.
Besides Bengaluru, other cities also recorded
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