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Due to increase in repo rates and inflation by the Reserve Bank for the last one year, now it is becoming difficult for the common man to buy his house. At the same time, the rent of 2 BHK houses in the metropolitan cities of the country is also going out of reach of the common people. According to a recent report, the average monthly rent of a flat of 1,000 sq ft area has increased by 23 per cent since 2019 across seven major cities of the country.
According to a report by property advisory firm Anarock, the average monthly rent is set to increase by 23 per cent in key housing markets of the country between 2019 and 2022. The assessment is based on the average rent for a standard 2BHK unit with an area of 1,000 sq ft.
In which areas, how much has the rent increased?
Noida’s Sector-150 has seen the highest average rental increase of 23 per cent. The rent in this area used to be Rs 15,500 in the year 2019 but last year it went up to around Rs 19,000 per month. Anuj Puri, Chairman, Anarock Group, said, “The year 2022 is set to see a significant increase in rentals. Rental demand has picked up in the top seven cities after two years of decline during the Covid-19 pandemic. Calling all employees back to office.
Demand increased due to the end of work from home
Experts of this area say that due to work from home, there was a decrease in rent during the Corona period. But from 2022 onwards, companies are calling employees to office in hybrid mode. In such a situation, the increase in rent continues. According to experts, the rental demand will continue to increase in 2023 as well. Puri said people who are moving back to the city from their hometown or other areas are preferring to rent a house first. They may also consider buying a house later.
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