February 16, 2023
Avg monthly rents for 1,000 sq ft 2BHK flats rise up to 23 pc in top 7 cities from 2019.
According to Anarock, the average monthly rent for two-bedroom flats of 1,000 square feet has risen by up to 23% in seven major cities since 2019. The key residential rental hotspots saw up to a 23% increase in average monthly rentals between 2019 and 2022, according to a report by a property consultant.
The consultant calculated the average rent for a standard two-bedroom (two-bedroom) unit of 1,000 square feet.
Sector-150 in Noida saw the highest 23% increase in average rentals, to around Rs 19,000 per month, up from Rs 15,500 in 2019.
"Rental demand increased significantly in 2022," said Anarock Group Chairman Anuj Puri.
"With more companies calling their employees back to the office, including in hybrid mode, rental demand is rising across the seven top cities, after plummeting during the two worst Covid-19 waves," he added.
Puri predicted that rental demand would continue to rise in 2023.
"Employees returning from their hometowns or other parts of town tend to rent homes for at least the short term, often with the intention of purchasing later," he observed.
According to Anarock data, the average rent in Hyderabad's Hitech City increased by 7% to Rs 24,600 in 2022 from Rs 23,000 in 2019.
Gachibowli saw a 6% increase to Rs 23,400 from Rs 22,000 in the previous month.
In Delhi-NCR, the average rent in Sohna Road, Gurugram increased 14% to Rs 28,500 per month from Rs 25,000 per month.
Rent in Dwarka, the national capital, increased by 13% to Rs 22,000 from Rs 19,500.
In the Mumbai Metropolitan Region (MMR), the average rent in Chembur increased 13% to Rs 51,000 from Rs 45,000, while it increased 6% to Rs 41,000 from Rs 38,600 per month in Mulund.
Monthly rentals in Kolkata increased 16% to Rs 22,000 from Rs 19,000, while those in Rajarhat increased 11% to Rs 16,500 from Rs 14,800.
According to the data, the average rental value on Bengaluru's Sarjapur Road increased 14% to Rs 24,000 per month from Rs 21,000 per month.
Rentals in Whitefield, Bengaluru, increased by 18% to Rs 22,500 from Rs 19,000.
In Pune's residential market, Hinjewadi saw a 20% increase in average rent to Rs 21,000 from Rs 17,500, while Wagholi saw a 21% increase to Rs 17,000 from Rs 14,000.
The average rent in Chennai's Perambur increased by 13% to Rs 18,000 per month in 2022, up from Rs 16,000 per month in 2019.
The monthly rent in Pallavaram, Chennai, increased by 17% to Rs 17,000 from Rs 14,500 in 2019.