BENGALURU: With corporate companies calling their employees back to work after the Covid pandemic, house rentals in the city have seen a 15-30 per cent increase over the last one month.
With work from office resuming, albeit partially, many people have returned to the city from different states and are finding it difficult to find houses in their budget due to the spike in house rents. Compared to 2021, the average rent in 2023 has increased anywhere between 15 and 30 per cent depending on the location.
The IT professionals feel that instead of paying high rents around tech corridors and IT parks, buying a new apartment would be a better option. The rent for a 1-BHK house in 2020 was around Rs 6,000 to Rs 25,000 but it has now increased to Rs 7,500- Rs 31,000. Similarly, the rent for a 2-BHK house, which was Rs 7,000–Rs 50,000 has now increased to Rs 8,000-Rs 58,000. Also 3-BHK house rent in 2020 was in the range of Rs 10,000-Rs 85,000 but has increased to Rs 12,000– Rs 1 lakh.
The house rent in some areas has already increased by as much as 30 per cent and it is expected to further rise by another 30 per cent. House rent has spiked in areas like Bannerghatta Road, ITPL, Sarjapur, C V Raman Nagar, Marathahalli, Kodigehalli, HSR Layout and Domlur. The rent for a 2-BHK flat in an A-Grade apartment has increased to Rs 40,000. For a 2-BHK apartment in Domlur, the rent in 2020 was in the range of Rs 15,000-Rs 20,000, but has now increased up to Rs 30,000. House rent in Kodigehalli has doubled from around Rs 25,000 in 2020 to Rs 50,000 now.
“During the Covid-19 pandemic, many people relocated back to their hometowns because the rent there was lower. The IT companies are calling us back to office, but the rent here has increased by as much as Rs 30,000. Earlier, in the same area, we paid up to Rs 15,000 in 2020. The house rent has spiked in tech park areas,” said Aleem, a tenant.