Average monthly rent of 2BHK flats up 23% from 2019: Report

 Average monthly rent of 2BHK flats up 23% from 2019: Report

Noida's Sector-150 topped the list with monthly rentals for standard flats of around 1,000 sq ft. INR 19,000/month, from INR 15,500/month in 2019

New Delhi: The average monthly rent for two-bedroom flats of standard 1,000 sq ft area is set to increase by 23% between 2019 and 2022 in seven major cities, according to real estate consultant Anarock.

“Noida's Sector-150 topped the list with monthly rentals for a standard flat of around 1,000 sq ft. INR 19,000/month, from INR 15,500/month in 2019," it said.

Pune's key micro-markets Hinjewadi and Wagholi saw the average monthly rent for a standard 1,000 sq ft home increase by 20% and 21%, respectively, during this period. Whitefield of Bengaluru recorded approx. 18% average rental increase - from ₹19,000/month in 2019 to ₹22,500/month in 2022.

Major localities with high rental demand are set to witness double-digit growth in rentals between 2019 and 2022, with Hyderabad being a notable exception. Prominent areas such as Gachibowli and Hitech City registered single digit growth of 6% and 7% respectively. Mulund in the MMR also saw an increase of only 6% in residential rentals during this period.

Anuj Puri, Chairman, ANAROCK Group, said, “There is a significant increase in rental demand in 2022.”

“With more companies calling their employees back to office, including hybrid mode, rental demand is on the rise in 7 top cities during the two worst Covid-19 waves. We still remember that 2020 is the death knell for the rental market."

As things stand now, rental demand will continue to trend north in 2023.

"The increase in rentals is driven by increase in demand due to re-establishment of normal functioning in most of the offices," Puri said. period, often to consider buying at a later stage. As both property prices and interest rates continue to rise, the overall cost of property acquisition is rising, leading to a rise in deferred property purchase decisions. As a result, they will look for rental houses."

Moreover, with the new academic session round the corner, more parents will be locating families closer to schools, which will further increase the demand for rentals in the coming months.

As per the latest ANAROCK data, the average monthly rent in key luxury micro-markets of the top 7 cities is set to increase anywhere between 7% and 18% in 2022 as compared to 2019.

As per the data, in Hyderabad, the average rent in Hitech City is set to increase by 7 per cent to Rs 24,600 per month in 2022 from Rs 23,000 per month during 2019. In Gachibowli, it increased by 6 per cent to Rs 23,400 per month from Rs 22,000 per month.

In Delhi-NCR, the average rent in Sohna Road, Gurugram increased by 14 per cent to Rs 28,500 from Rs 25,000 per month. Dwarka fare in the national capital increased by 13 per cent to Rs 22,000 from Rs 19,500.

In the Mumbai Metropolitan Region (MMR), the average rent in Chembur rose by 13 per cent to ₹41,000 from ₹45,000, while in Mulund it increased by 6 per cent to ₹41,000 from ₹38,600 per month.

In Kolkata, the monthly rent in EM Bypass increased by 16 per cent to Rs 22,000 from Rs 19,000, while in Rajarhat it increased by 11 per cent to Rs 16,500 from Rs 14,800.