Bengaluru has undergone a remarkable transformation in recent years, largely propelled by the thriving IT/ITeS sector. While the city’s office market has claimed a leading position nationwide, its rental housing sector has witnessed a substantial surge as well. This can be attributed to a range of factors, encompassing economic expansion, demographic changes, and evolving lifestyles. While there are ample reasonably priced housing alternatives available in the city, the proximity to workplaces remains a pivotal consideration for many residents. This emphasis on location, often influenced by Bengaluru’s well-known traffic congestion, motivates individuals to seek rental housing within their specified budget.
Preferred Neighbourhoods for Renting
The rental housing market in Bengaluru has witnessed a dynamic evolution in recent years, with a discernible focus on specific regions that have become hotspots for tenants seeking a convenient and comfortable living experience.
A deeper analysis of rental preferences points to a robust demand for homes largely focussed around the Eastern, Central, and Southern regions of the city, where several neighbourhoods have emerged as popular choices for residents.
HSR Layout, situated in the southeastern part of Bengaluru, has become a sought-after destination for renters. Known for its well-planned layout, proximity to tech parks, and a thriving social infrastructure, HSR Layout has attracted a diverse demographic looking for a balance between work and lifestyle. Whitefield, located to the east of the city, stands out as another prominent area in the rental market. Its status as a major IT hub has drawn professionals to seek accommodation in its vicinity. The presence of leading multinational corporations, coupled with a plethora of residential options, has positioned Whitefield as a preferred choice for those working in the technology sector.
In addition to these, other neighbourhoods such as BTM Layout, Koramangala, Marathahalli, Indira Nagar, and JP Nagar have also emerged as preferred locations in the rental housing landscape of Bengaluru. Each of these localities boasts unique characteristics, catering to different preferences and lifestyles. Whether it is the vibrant atmosphere of Koramangala, the commercial and residential blend of Marathahalli, or the serene residential pockets of JP Nagar, these localities offer a diverse range of choices to potential tenants.
Significant Increase in Rental Values
With most companies discontinuing remote work, which had become prevalent during the pandemic, and employees returning to the office alongside a considerable student population, the demand for rental housing has increased manifold. As more individuals seek accommodation in Bengaluru, the heightened competition for rental properties has translated into a substantial uptick in monthly asking rents across various suburbs. In many cases, landlords have been observed to take advantage of the rising demand for rental housing by quoting high rents. The city's lag in providing new supply of residential units with sufficient amenities for tenants has also resulted in the rapid escalation of rents.
The median monthly rent has surged from the pre-pandemic range of INR 30,000–35,000 to the current INR 55,000–60,000, showcasing a substantial escalation. Presently, the highest rents in the city are witnessed in Bengaluru Central and East, the rental values reaching up to INR 80,000 per month.
The centralization of job opportunities, coupled with the attraction of well-established amenities and infrastructure, has positioned these areas as prime choices for individuals seeking premium rental accommodations.
Thus, the strong demand for rental properties in the key locations discussed above can be attributed to various factors, including proximity to major employment hubs, well-developed social infrastructure, and efficient connectivity. As Bengaluru continues to thrive as a technology and business hub, the rental housing market reflects the city's dynamic and cosmopolitan lifestyle, and these identified neighbourhoods would lead the charge in meeting the diverse housing needs of its residents.
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