Top 7 cities witness 30% surge in housing rentals from Jan-Sept 2023

According to ANAROCK Research data, there was an increase of over 30% in housing rents in the top seven cities during the first nine months of 2023. This surge was particularly prominent in the leading IT/ITeS hubs, namely Bengaluru, Hyderabad, and Pune. It was observed that residential rentals in the significant areas of Bengaluru experienced a growth of over 30% in the first nine months of 2023. Specifically, the rents for a standard 2BHK flat with an approximate area of 1,000 sq ft in Bengaluru's Whitefield increased by 31% in the 9-month period. Similarly, on Sarjapur Road, the rents for such homes rose by 27%. In Whitefield, the average monthly rent for a standard 2BHK home of 1,000 sq ft saw an increase from Rs 24,600 per month at the end of 2022 to Rs 28,500 per month by the end of September 2023. Hyderabad experienced the second-highest growth in rental values, with key markets in the city witnessing up to 24% growth during this period. In HITECH City, the average rents were Rs 24,600 per month at the end of 2022, and by the end of Q3 2023, they had reached Rs 28,500 per month, indicating a 16% growth in the nine-month period. Gachibowli also saw rents increase by 24% during the same period, rising from Rs 23,400 per month at the end of 2022 to Rs 29,000 per month by the end of September this year. The Hinjewadi micro-market in Pune recorded a rental value growth of 17% in the last nine months. Here, the average rents were Rs 21,000 per month at the end of 2022, increasing to Rs 24,500 per month by the end of September 2023. Similarly, rents in Wagholi increased by 18% during the said period.