Residential rents in Bengaluru increased on Average by 12% in 2022, significantly higher than that in recent preceding years, according to data on property portal NoBroker. Rentals for properties near offices and in gated communities went up by 25%.NoBrokerco-founderSaurabh Gargtold TOI that the rent increase in recent years had been around 3-5%. The platform uses data from rental agreements made on the portal to assess the increase in rent.
The steep increase in rent is motivating people to buy houses, NoBroker said in its report for 2022. In a survey, 32% of tenants mentioned rent increase as the major factor in buying houses, an increase from 18% in 2021.
On the NoBroker platform, Garg said, most properties in 2022 were rented out within 24 hours, compared to 15-16 days before Covid. Around 35-40% houses in gated communities were rented out within just six hours. The platforms analysis shows that 73% of landlords feel it is easier to rent out their properties now. This is a substantial jump from 41% in 2021.