The major share of rented houses in the metro cities was cleared when Covid hit us. As a safety measure, employees moved to their native places to be safe and worked from their houses. Employers across the sectors allowed employees to work from home to stop the spread of the Covid virus.
With the Covid fear getting reduced and things coming to normal, the employees are back to their workplaces. So it has become tough for people to get houses for rent. Looking at the demand, the landlords increased the rents, and getting a house on rent is costing a bomb.
As a big example of this, the rents in Bengaluru increased massively. It is said that it costs around Rs 50,000 to get a double-bedroom house on rent. The cost is so high it is even higher than the national capital Delhi and other areas like Noida and Gurgaon.
India’s Silicon Valley Bengaluru is also dubbed as the IT hub of the country. Around 1.5 million IT employees are there in the Karnataka capital city working for various tech giants. All of them are back in the city as the offices open.
A few market researchers surveyed the residential market in various cities and Bengaluru stands on top of all the metro cities. Delhi is also not able to compete with Bengaluru in this regard.
The rented houses stayed vacant for almost two years. Covid brought many losses to the landlords. With the current situation allowing the landlords to cover up the losses, they increased the rents massively showing stars to tenants in broad daylight. They have no option left except to take houses for rent.
One thing that needs to be mentioned here is that the house rent depends on the area of the house. If the employees get houses at less rate in far places, they cannot visit the office and workplace on time given the traffic in Bengaluru. Employees who are shifting to Bengaluru are going after the house brokers to get them a house. On top of the high rent, they also have to pay some amount to the brokers as a commission.
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