Rent rises, causes financial hurdles for people in Bangalore
The rising rents in Bangalore City are making people move away from the city.
By Akshay Lal S.A.
20 October, 2023
Real estate agents said, there has been around a 60 per cent increase in the cost of rentals in recent times. Even a 1 Bedroom, Hall and Kitchen (BHK) apartment in Koramangala costs around Rs 30,000 per month.
Real estate agents added that many people living in Bangalore are no longer able to afford the rent which is making them move out of the city.
“I couldn’t bear this huge rent. Rental issue is the main problem and I couldn’t be in Koramangala anymore,” said Lokesh, a resident of Koramangala who is in the process of moving out of the city after quitting his job.
Lokesh also said that the house owners are increasing the rent after the COVID lockdown stating that it is for maintenance. The rental prices are only high in the IT Hubs as there was a surge in demand after the lockdown as the workforce returned to the office says Joy Mathew, a house owner in Mathikere.
Real estate agents said that the sudden increase in demand, especially around the IT hubs as people returned to the office as well as the willingness of the IT professionals to pay the asking price are some of the key contributors that have led to the rent prices going up.
“New IT parks and new metro lines coming up, that is also increasing the rent,” said Nevin Sabu, a real estate agent of Azuro Property Management.
Real estate agents from Azuro Property Management, say that the rent prices will only be going up and there is no chance of the rent going down in the near future as the supply, currently is not able to keep up with the demand.