Housing Rentals Surge Over 30% in Top Seven Cities from January to September 2023

Housing Rentals Surge Over 30% in Top Seven Cities from January to September 2023

Housing rents soar 30% in top cities, Bengaluru leads with 31% surge. ANAROCK’s data unveils a dynamic rental landscape.

In the first nine months of 2023, housing rents skyrocketed by over 30% across major cities, with Bengaluru, Hyderabad, and Pune leading the surge, reveals ANAROCK Research. In Bengaluru’s Whitfield, the rent for a standard 2BHK flat grew by 31%, reaching Rs. 28,500 per month from Rs. 24,600 by September 2023. Hyderabad’s key areas experienced up to 24% growth, with HITECH City and Gachibowli witnessing substantial increases.

Pune’s Hiniewadi and Wagholi micro-markets recorded rental growth of 17% and 18%, respectively, over the last nine months. ANAROCK Group Chairman Anuj Puri suggests potential stabilisation in rental values in the ongoing quarter, anticipating a resurgence from January to March. In the National Capital Region (NCR), Sohna Road, Gurugram, led with an 11% rental increase, followed by Noida’s Sector-150 (13%) and Delhi’s Dwarka (14%).

Mumbai Metropolitan Region (MMR) saw Chembur and Mulund as the top two markets with 14% and 9% rental growth, respectively. Kolkata’s EM Bypass and Rajarhat marked 14% and 9% growth. Among the top seven cities, Bengaluru boasts the highest rental yield at 4.a35% as of September 2023, followed closely by Mumbai at 4.05%.

The surge in rental values reflects the real estate landscape, with experts anticipating potential stabilisation in the coming months.