Anarock: Q2 sees a rise in house rent by 2-4% in top cities

19 Jun 2024 CW Team

According to real estate expert Anarock, improvements in the availability of housing have caused the rise in rent in the top seven cities?Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Pune, Hyderabad, and Bengaluru?to slow. The data is based on the typical rent for a 1,000-square-foot, two-bedroom apartment. "In Q2 (April?June) 2024, average residential rental prices in these cities' major markets increased by 2-4 % on a quarterly basis compared to the previous quarter." According to the analysis, there was a quarterly increase in rentals of 4?9% in these markets during Q1 2024 compared to Q4 2023. The average monthly rent for a typical 1,000 square-foot, two-bedroom flat in Bengaluru's Whitefield increased by 4% from Rs 32,500 in January to March of this year to Rs 35,000 in Q2 2024. Nonetheless, as compared to the previous quarter, rents increased by 8% from January to March of this year. Santhosh Kumar, Vice Chairman of Anarock, stated that in India, the second quarter of most years typically witnesses a higher increase in rents compared to other quarters due to the commencement of the new academic year and the employment of new staff. He noted that this year, the decline in rental value growth coincides with significant new housing supply entering these markets. According to the data, the average rent in Noida's Sector 150 had risen by a mere 4% to Rs 25,000 per month in the April-June quarter from Rs 24,000 per month in January-March 2024. The quarterly increase had been 9% in January?March 2024 compared to the October?December period of 2023. Sohna Road and Dwarka had seen a 3% and 2% increase in rent, respectively, so far in that quarter. The average housing rent in MMR's key markets, Chembur and Mulund, had risen by just 2% against the preceding quarter (Q1 2024). In January?March 2024, it had risen by over 4% against Q4 2023. Hyderabad's HITECH City and Gachibowli had seen average rents rise by 3% each in April?June 2024 to date over the preceding quarter. In January?March 2024, the quarterly average rent hike in both of these markets was 5%.

According to real estate expert Anarock, improvements in the availability of housing have caused the rise in rent in the top seven cities?Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Pune, Hyderabad, and Bengaluru?to slow. The data is based on the typical rent for a 1,000-square-foot, two-bedroom apartment. In Q2 (April?June) 2024, average residential rental prices in these cities' major markets increased by 2-4 % on a quarterly basis compared to the previous quarter. According to the analysis, there was a quarterly increase in rentals of 4?9% in these markets during Q1 2024 compared to Q4 2023. The average monthly rent for a typical 1,000 square-foot, two-bedroom flat in Bengaluru's Whitefield increased by 4% from Rs 32,500 in January to March of this year to Rs 35,000 in Q2 2024. Nonetheless, as compared to the previous quarter, rents increased by 8% from January to March of this year. Santhosh Kumar, Vice Chairman of Anarock, stated that in India, the second quarter of most years typically witnesses a higher increase in rents compared to other quarters due to the commencement of the new academic year and the employment of new staff. He noted that this year, the decline in rental value growth coincides with significant new housing supply entering these markets. According to the data, the average rent in Noida's Sector 150 had risen by a mere 4% to Rs 25,000 per month in the April-June quarter from Rs 24,000 per month in January-March 2024. The quarterly increase had been 9% in January?March 2024 compared to the October?December period of 2023. Sohna Road and Dwarka had seen a 3% and 2% increase in rent, respectively, so far in that quarter. The average housing rent in MMR's key markets, Chembur and Mulund, had risen by just 2% against the preceding quarter (Q1 2024). In January?March 2024, it had risen by over 4% against Q4 2023. Hyderabad's HITECH City and Gachibowli had seen average rents rise by 3% each in April?June 2024 to date over the preceding quarter. In January?March 2024, the quarterly average rent hike in both of these markets was 5%.

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