Housing rents soar: Rentals in 7 IT hubs see 31% spike; Bengaluru tops the list, says Anarock

Rentals rise: The housing rents in Bengaluru's prominent areas like Whitefield has seen a whopping 31% rise in the past nine months in 2023. Infact, Anarock Property Consultants in its report has mentioned that the housing rents in the top 7 cities that host IT hubs have gone up significantly.

Bengaluru Housing Rent

While a standard 2BHK flat of 1,000 sqft area in Bengaluru's Whitefiled saw rents grow by 31% between January-September this year, the rent in Sarajpur Road rose by 27% in the same period.

"Average monthly rent for a standard 2BHK home of 1,000 sqft at Whitefield increased from ₹24,600 per month by 2022-end to ₹28,500 per month by September-end 2023. At Sarjapur Road, average monthly rents increased from ₹24,000 per month in 2022-end to ₹30,500 per month in September 2023", the report mentioned.

At 4.35%, Bengaluru has the highest rental yield as of Q3 2023-end among all major cities, followed by Mumbai with 4.05%

Rental Growth Hotspots

Cities including Hyderabad, Pune, Delhi and Mumbai also saw rise in rental value. As per the Anarock report, Hyderabad's HITECH City saw up to 24% growth in this period. By the end of 2022, the average rent of a 2BHK home of 1,000 sqft in the city stood at ₹24,600. The rent hiked 16% to ₹28,500 per month by the end of September 2023.

Meanwhile in Gachibowli the rent hiked by 24% in the same period – from ₹23,400 per month by 2022-end to ₹29,000/month by September-end this year.

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Similarly, in Pune's Hinjewadi the rental value grew 17% in the last nine months where the average rents were ₹21,000/month by 2022-end and ₹24,500/month by September-end 2023.

In Delhi-NCR, Sohna Road in Gurugram saw a hike of 11%, Sector-150 in Noida grew 13% and Delhi's Dwarka grew 14%.

In Mumbai, Chembur and Mulund saw 14% and 9% growth respectively between January and September 2023.