According to Anarock, the average monthly rent for two-bedroom apartments with 1,000 square feet of space has increased by up to 23% across seven major cities since 2019. The average monthly rent in the prime residential rental hotspots increased by up to 23% between 2019 and 2022, according to a report by the property consultant. The consultant has estimated the standard 2BHK (2 bedroom) unit’s average rent for its 1,000 square foot area.
Highest increase in average rentals – Noida Sector-150:
The average rent in Noida’s Sector-150 increased by 23%, from Rs 15,500 in 2019 to about Rs 19,00 per month. The demand for rentals significantly increased in 2022, according to Anarock Group Chairman Anuj Puri.
“With more companies calling their employees back to the office, including in the hybrid mode, rental demand is rising across the 7 top cities, after plummeting during the two worst Covid-19 waves,” he added.
The rental demand would continue to head northward in 2023, Puri said. “Employees returning from their hometowns or other parts of the city tend to rent homes for at least the short-term, often to consider purchases at a later stage,” he observed.
Average rental data for the top cities listed:
According to Anarock data, the average rent in Hyderabad’s Hitech City increased by 7% to Rs 24,600 per month in 2022 from Rs 23,000 in 2019. Gachibowli increased by 6% to Rs 23,400 per month from Rs 22,000 per month.
The average monthly rent in Sohna Road, Gurugram, increased by 14% to Rs 28,500 from Rs 25,000 in Delhi-NCR. Rent in the national capital’s Dwarka neighbourhood rose by 13%, to Rs 22,000 from Rs 19,500.
Chembur’s average rent increased 13% to Rs 51,000 from Rs 45,000 in the Mumbai Metropolitan Region (MMR), while Mulund’s rent increased 6% to Rs 41,000 from Rs 38,600.
The monthly rent at Rajarhat in Kolkata increased by 11% to Rs 16,500 from Rs 14,800, while that at EM Bypass increased by 16% to Rs 22,000 from Rs 19,000 per month.
According to the data, the average monthly rent in Sarjapur Road in Bengaluru increased by 14% to Rs 24,000 from Rs 21,000 in 2017. Rental prices in Bengaluru’s Whitefield rose by 18%, from Rs. 19,000 to Rs. 22,500.
The average rent in Hinjewadi rose by 20% to Rs 21,000 from Rs 17,500, and in Wagholi it rose by 21% to Rs 17,000 from Rs 14,000 in the residential market in Pune.
Perambur, a neighbourhood in Chennai, saw an increase in average rent of 13% from Rs 16,000 per month in 2019 to Rs 18,000 in 2022. At Pallavaram in Chennai, the rent increased 17% from Rs 14,500 per month to Rs 17,00 in 2019.
