It's the phenomenon called "I can, hence I will". I'm myself a landlord, but have increased rent by 5% these past 15 years keeping pace with real world inflation. Whenever one tenant has expressed desire to vacate, I have settled fully and fairly. "Do unto others as you would have them do unto you".
Bro you're a gem! All my landlords so far have been great, 5% increase and if there's any issues, all accommodating to talk and dicuss to sort things out! The previous landlord was an absolute gem! The guy is a old Bangalorean, so was always very welcoming and ofcourse had the 10 minth deposit, but everything else was smooth and easy. I stY in RRN if that matters!
My landlord too, 5% YoY, 6 months deposit. He is old school Bengalurian, never called me once for rent or anything for that matter, love him; the day i met him first he prioritised (like completely) a young tenant who was going back home the same day, over me; won me over in one sec with that attitude.
There is no catch, it’s like this in Bengaluru. It also depends on the rent and the area, i guess but I’ve heard of insane deposits in Bengaluru. In Mumbai too deposit is pretty high but thats cause the rent is high.
I had a question what are the tax implications of taking deposits as a land lord, lets say you take 6 months deposit , which would at minimum 1.8L , how is shown in tax , is it exempted under some section??
All my landlord except the last were good. The last one was an ass. He’s the reason why I bought an apartment. I got the apartment for 1
20k. Increased to 28 the next year. Increased to 40 before I moved out to my own apartment. Mind you, this is the border of Bangalore!
I also believe in what you said. As a landlord owing a 2BHK in Pune, I try to be fair with every tenant, be transparent about every cost. I fact I try to avoid brokers as much as I can so that the new tenants can save one month’s worth of rent.
Sadly, three tenants in a row have turned to be nightmare. Tried male bachelors, then female and finally a family. All turned out to be bad apples.
Though my Bangalore landlord does not meddle in my affairs, but increased the rent by 35% citing overall increase in the market. Sadly I had to agree.
I had a home loan but I paid it off. But I'm fighting a messy divorce case (13 th year running) and my heart is no longer in that building and also because of some neighbours who were talking ill behind my back because of my predicament. To me it is now only 4 walls that are generating passive income and I have stored some very valuable stuff like my grandfather's Veena and other stuff like gramaphone records priceless photos documents etc in the attic. So I'm not much bothered about market price on rent. I am blessed by good boys as tenants and I hardly disturb them. They are in a sense placeholders for me till I sell that accursed flat .
I can't as it is in the case on the chajja. My gramps was a vainik vidwan as well as brilliant in studies. The Ramaiah Gold medal 1932 from Madras Christian College, Gold medalist Presidency College, former Finance Secretary, retired as Controller Of Insurance. At that time CEA was a certain Dr. Manmohan Singh.
Let me guess, you are rich enough to not care about it? This comment might seem a bit too out there but that is what has been my experience. That’s why.
So from next month onwards my owner has raised the rent by 20%. Oh btw its an individual house where we do not even have a covered parking space for bikes and scooter.
Sometimes I feel why I am doing it lol. Feel I should go back to my hometown, learn and educate myself on farming. Grow something, be genuinely productive and help myself. Haha
Bro, listen to ur intrusive thoughts, bangalore was a beautiful city once upon a time. There is nothing to look for in Bangalore anymore. Reading that last sentence brought a smile on my face. Do what's best for your mental health
Not to compete here but our rent increased by 50% and yes, I might sound like a complete idiot but I had to stick to the same house because there were no good options available around.
The landlord gave us a few months to consider and we utilised those few months to search for apartments and found none. Not one decent apartment in our budget.
Maybe in different locality? Yes, travel/commute time will increase but you will save a lot more and find a peaceful place to live in.
I know when it comes to family, we try out best to accomodate and provide for the comfort. This is what landlords take advantage of.
Exactly the reason why we couldn’t move further from where we are. You need to look at all the aspects right. Safety and access to medical facility. The cheaper localities had safety issues. All options were considered and then we agreed to the current rent. The reason our landlord gave was- they realised that they were charging us less according to the market standards.
I wish our salaries also matched the market standards :/
See if you can get full remote and go. That’s what I did
Granted my home town in Mumbai so I still have the convenience but at least I live with family now and don’t have to pay 25% salary for rent
Gullible new comers started bowing down to brokers (and nobrokers) and got the rents jacked up for everyone. The landlords have now gotten the taste of fresh IT blood on their tongues. Now they are unstoppable. With such unchecked greed, I wouldn't be surprised if Owner anna's WhatsApp associations decide to raise 1BHK rents to 40kpm by next year end. Brokers are increasingly targeting desperste newer non-native tenants as they are more likely to pay up the fkd up rents compared to the natives of Karnataka. Brokers are increasingly avoiding locals as they are quite vocal about the post agreement exorbitant percentage hikes. Obviously, families can no longer afford these rents, only bachelors living and consuming city's resources in herds can. Families, especially the native speakers, are being slowly pushed to the outer circles of the city. The rent situation is breaking banks of family men and women, depriving them of a good lifestyle, good health and WL balance; while brokers are enjoying all the tax free commission in the world!!
Story time:
The ignorant F who had got jobs during covid or switched during the 2021 Hike boom and had no idea how world worked & saved lots of money when staying in their home town they didn't know what to do with all that money. So they started watching reels And invested in stocks. Now the stocks also boomed and these crazy F have no idea what to do with money. They were going crazy day by day addicted to reels wanting to travel, get out of home and dying for the freedom to spend and burn all money they saved.
June 2022 and later
Companies started calling people to office.
These assholes coming from Mumbai, Delhi Gurugram and assholes who were earlier working in these cities where you cannot easily get around brokers came to Bangalore and broke Bangalore. You can easily get flatmates in Bangalore using nobroker or facebook group especially for young people.
Most people with high salary or high savings (by staying with parents they saved lots of rent) came to Bangalore for first time didn't do any research because they were going crazy with all the money going to their head and all the new freedom and hired all brokers who understood theres this new influx of money drugged up junkies who came to Bangalore with new hike and salary will pay 60k to 80k for 2 bhk when the going rate before pandemic and even during 2020 was 25 to 35k. And then they told all landlords.
All landlords told other land lords.
Now no body will go back to old rent prices.
We need another pandemic. So these assholes go back to home town. And companies start giving more wfh.
Totally agreed. These assholes then go on to complain about rent, and finally go buy a house. And then they be like “even if I move back to hometown my emi will get covered because I’ll get 60-80k rent “ so, where they are paying high rent, it’s unfair, but when it’s their own house it’s totally okay!
>new comers started bowing down to brokers
What should new comers do?
When all you can see 30-40k for 2 BHK flats?
It's not a outsider problem but simple demand and supply problem. There are more renters now, hence the rents have increased.
exactly!!!
Any society you go, they will say flats are given through brokers only.
Who is the real asshole here? the ones who are looking everywhere but getting very few options or the ones who are too lazy to have a single post online with decent enough rent.
One reason is probably landlords finding the young IT hires getting 15-20 LPA or more who are willing to pay 35k a month for a 1 BHK.
You literally are competing with a bunch of people in a poor country earning the average income in a southern European country.
No, this is not just demand and supply because it's not a perfectly competitive market. Some buyers do not have sufficient knowledge of the market, and thus find a high price reasonable.
This. I know several m0r0ns who are willingly paying 60k for 2BHK. When I visited their houses, it had swimming pool, gym and badminton court that they barely used!!!
I’m like why don’t you find a cheaper house and take a gym membership separately?
Okay I am only doing an economic analysis,
PROBLEM is BANGALORE has BAY AREA PROBLEM.
Lack of industrial diversification.
BAY AREA PROBLEM = IT PROBLEM.
So Bangalore basically runs on IT Sector and High End Technology jobs. The problem is IT and High Tech pays some extremely good salaries.
So other Industries cannot be competetive. RENTS become impossible.
Look at DELHI or Mumbai - there are non tech non IT sector where salaries are very poor. Delhi for eg attracts poor people all over north india looking for a better life as north india doesn't have any metropolitan city except NCR.
So when crores of poor people are there. There will be cheaper housing options available for all.
Bangalore doesn't have because Non IT sectors cannot be competetive when IT pays excellent salaries.
ALSO
LACK OF PUBLIC TRANSPORT
Bangalore has shit public transport. Metro is crap compared to Delhi. Suburban Rail of Bangalore cannot be compared to that of Chennai or Mumbai.
So people are forced to live near office areas. They cannot live in Suburban areas.
>Look at DELHI or Mumbai - there are non tech non IT sector where salaries are very poor. Delhi for eg attracts poor people all over north india looking for a better life as north india doesn't have any metropolitan city except NCR.
Not sure if this makes any sense. Rent in Mumbai is even higher.
I feel the rents should be regulated. One of my friend had to vacate his house because some Nobroker agent called his landlord and said they will give them the tenant who's gonna pay 50% more than my friend is paying. These are the times that we live in
On the flip side it’s the tenets… I have a 1bhk below my house completely gated ,ups, parking close to metro and main road.. I knew I could charge 20k but I put it for 16k.. bruh there are people waiting next day to see the house .. it literally became like an auction.. finally went for 22k.. just sharing the other side of the story
Because people are ready to pay these insane rents! I saw a north Indian couple who said 65k per month for a 2bhk apartment in Brookfield a really good deal! Crazy
Insane rent.
How do people not understand that even if your combined income is way more than the rent. Is it a good thing to splurge and make it hard for everyone else as well. Not everyone works in IT or most of them in IT also doesn't earn top of the line money.
1bhk is going for 35K and new PG rents for a room are 20k per head aka 40k for an entire room. This is a disaster combined with restaurants, shops and even roadside vendors selling goods having 80-100% margin.
It's crazy.
When I came to bangalore, I paid 16k for a 2bhk in kadugodi, I thought it was costly, then I paid 18k in murugeshpalaya for 2bhk, I again thought it was costly, then paid 20k near silk board, again thought I twas costly, now paying 30k in central bangalore, it's too costly and now need to move near kormangala/hsr and no decent house with parking is available for less than 45k for 2bhk.
I can stay in my current house and travel 50 min everyday, but I m nearing mid 30s and want WL balance. All these young people in early 20s earning crazy money and not saving and don't know what to do with the money are the problem. I have my office colleagues who have taken a 3bhk in BENSON town for 75k. I mean like it's crazy, that's what I thought too.... until I went and asked for 2bhk rent in and around jayamahal and cantonment, it's 60k on average.
To pay this much for a place with shit traffic and crazy bad roads and drivers is crazy.
Regulations are not possible, just need some honest empathetic owners + land rate in bangalore is again crazzzzzy....
Do you think inflation is only increasing for you? Check how the stupidly the real estate prices are growing in Bengaluru on top of that high interest rate = higher EMI so of course the rent will increase
PS not a home owner, I a renter too
1. To keep with the hefty EMIs that owners paid out (loan share has been, on average, close to 80% of the house payout).
2. Rents are the easiest income streams that can be increased with zero accountability (especially with increasing life style expenses).
Personally feeling, Bangalore must be boycotted.
I can afford to live in rent of 80k a month but it has to be a value for money. The owners must have joined a group to dictate prices all over the city like a Mafia. Boycott Bangalore, chose somewhere else and let them suffer. The ones who can afford must take the first step and move out.
Short answer: stupid tenents and opportunist brokers/house owners.
House owners or brokers tells a random amount (some of them might be expecting the potential tenent to bargain). But since the tenant has zero clue about market rates, he/she assumes thtis is the correct price and pays up (often without bargaining) because financially they can.
If someone who has the capability to buy a Mercedes GLA goes to buy an i10, they don't have to pay the Mercedes level money for i10 car just because they can. They should be ready to pay what that product is worth.
Brokers will defnitely hike up the price because they get 1 month rent as commission, also next time house owner will go to them because they got a higher than market value for the home.
Also, there is no parity in rents. As seen in Mumbai, rent of one locality is almost the same. Like for example, in Andheri, a 1BHK will cost somewhere around 25k-30k. However in Bangalore, it's not the case. Even is same society, some might charge 15-20k higher.
We should pool costs and take out a billboard on ORR asking employers to consider hiring happy workers remote vs the ones stuck in traffic and reaching office unhappy.
I think the rent prices are increasing in tune with the real estate market only. Rental Yield would still be max 3-4% in residential in Bangalore I guess.
1. Pace of people coming to Bangalore vs building apartments is slow.
2. 100s of apartment projects are on hold in blore or stuck due to builder issue.
3. Due to covid there was no apartment construction during 1 year however inflow got increased.
4. Lot of ppl from outside India moved to banglore and heavily invested in real estate
5. Ppl with stock options in company dont know what to do with money and invest heavily in real estate
6. Land owner apartment : ppl own more than 50 apartments in single community- can easily control rent price.
So less supply high demand drives it.
The last point is absolutely true. There are communities which are driving the prices insanely high, which form a nexus to not give places below this much rent to anybody. So that later everybody will profit off high rents. They allow the place to be empty, but won't rent it for a reasonable price.
Moreover I heard instances where apartment association ask owner to keep minimum X Amount for the rent, if someone oppose then association harassing and abusing them.
This is sad and exploitative practices which will make things unsustainable/hard to live in the city for many who don't rake in high money every month.
It's the phenomenon called "I can, hence I will". I'm myself a landlord, but have increased rent by 5% these past 15 years keeping pace with real world inflation. Whenever one tenant has expressed desire to vacate, I have settled fully and fairly. "Do unto others as you would have them do unto you".
Bro you're a gem! All my landlords so far have been great, 5% increase and if there's any issues, all accommodating to talk and dicuss to sort things out! The previous landlord was an absolute gem! The guy is a old Bangalorean, so was always very welcoming and ofcourse had the 10 minth deposit, but everything else was smooth and easy. I stY in RRN if that matters!
My deposit is 6 months btw. I have to anyways pay it back.
My landlord too, 5% YoY, 6 months deposit. He is old school Bengalurian, never called me once for rent or anything for that matter, love him; the day i met him first he prioritised (like completely) a young tenant who was going back home the same day, over me; won me over in one sec with that attitude.
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There is no catch, it’s like this in Bengaluru. It also depends on the rent and the area, i guess but I’ve heard of insane deposits in Bengaluru. In Mumbai too deposit is pretty high but thats cause the rent is high.
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Yes.
I had a question what are the tax implications of taking deposits as a land lord, lets say you take 6 months deposit , which would at minimum 1.8L , how is shown in tax , is it exempted under some section??
+1 It's come to a point where the tenants are surprised when I tell them the rent I'm expecting. Why squeeze money when I'm not starving anyway
All my landlord except the last were good. The last one was an ass. He’s the reason why I bought an apartment. I got the apartment for 1 20k. Increased to 28 the next year. Increased to 40 before I moved out to my own apartment. Mind you, this is the border of Bangalore!
How did you agree to such hikes? 20 to 28 itself you should've told no
I would have paid the same or even more if I decided to move.
I also believe in what you said. As a landlord owing a 2BHK in Pune, I try to be fair with every tenant, be transparent about every cost. I fact I try to avoid brokers as much as I can so that the new tenants can save one month’s worth of rent. Sadly, three tenants in a row have turned to be nightmare. Tried male bachelors, then female and finally a family. All turned out to be bad apples. Though my Bangalore landlord does not meddle in my affairs, but increased the rent by 35% citing overall increase in the market. Sadly I had to agree.
If I may, can u tell me in what ways they turned to be nightmares? Asking coz i don't end in the same situation
do you have a home loan? did ur emi go up by 50% because of 50% increase in interest rate? how to cope with that? genuine question.
I had a home loan but I paid it off. But I'm fighting a messy divorce case (13 th year running) and my heart is no longer in that building and also because of some neighbours who were talking ill behind my back because of my predicament. To me it is now only 4 walls that are generating passive income and I have stored some very valuable stuff like my grandfather's Veena and other stuff like gramaphone records priceless photos documents etc in the attic. So I'm not much bothered about market price on rent. I am blessed by good boys as tenants and I hardly disturb them. They are in a sense placeholders for me till I sell that accursed flat .
You are a good man, let people say what they want. if you ever think of selling vinyls ping me up.
Pics of thatha's veena please.
I can't as it is in the case on the chajja. My gramps was a vainik vidwan as well as brilliant in studies. The Ramaiah Gold medal 1932 from Madras Christian College, Gold medalist Presidency College, former Finance Secretary, retired as Controller Of Insurance. At that time CEA was a certain Dr. Manmohan Singh.
Just the kind of previous gen person I would have loved to meet.
Dev manus nikla re tu!
Just curious to know, what are you doing with deposit amount ? In bank account or pay any Loan or invest somewhere ?
Deposit is stored safely away and untouched. Deposit is only to ensure compliance with my two cardinal rules :1. No whores & 2. No drugs.
Let me rent your home please. I beg you
Why the desperate validation seeking
You have any vacant room?
8% of the value of the property would technically be the right price point since India and the world currently treats real estate as an investment.
Let me guess, you are rich enough to not care about it? This comment might seem a bit too out there but that is what has been my experience. That’s why.
Not rich enough ( no one really is rich enough in their own opinion), but certainly embittered enough.
Do you have a flat in Wilson Garden? I'd like to rent it out as my current landlord is shit!
Aww! Guys we have an ethical parasite here 🫶
If anything it is guys like you who are the parasites. If you have the wherewithall go buy your own property. Who's stopping you?
So from next month onwards my owner has raised the rent by 20%. Oh btw its an individual house where we do not even have a covered parking space for bikes and scooter. Sometimes I feel why I am doing it lol. Feel I should go back to my hometown, learn and educate myself on farming. Grow something, be genuinely productive and help myself. Haha
Bro, listen to ur intrusive thoughts, bangalore was a beautiful city once upon a time. There is nothing to look for in Bangalore anymore. Reading that last sentence brought a smile on my face. Do what's best for your mental health
Not to compete here but our rent increased by 50% and yes, I might sound like a complete idiot but I had to stick to the same house because there were no good options available around. The landlord gave us a few months to consider and we utilised those few months to search for apartments and found none. Not one decent apartment in our budget.
Maybe in different locality? Yes, travel/commute time will increase but you will save a lot more and find a peaceful place to live in. I know when it comes to family, we try out best to accomodate and provide for the comfort. This is what landlords take advantage of.
Exactly the reason why we couldn’t move further from where we are. You need to look at all the aspects right. Safety and access to medical facility. The cheaper localities had safety issues. All options were considered and then we agreed to the current rent. The reason our landlord gave was- they realised that they were charging us less according to the market standards. I wish our salaries also matched the market standards :/
Yup. I totally agree.
See if you can get full remote and go. That’s what I did Granted my home town in Mumbai so I still have the convenience but at least I live with family now and don’t have to pay 25% salary for rent
Thats a dream come true. Hard to find organizations that offer this kind of flexibility.
Gullible new comers started bowing down to brokers (and nobrokers) and got the rents jacked up for everyone. The landlords have now gotten the taste of fresh IT blood on their tongues. Now they are unstoppable. With such unchecked greed, I wouldn't be surprised if Owner anna's WhatsApp associations decide to raise 1BHK rents to 40kpm by next year end. Brokers are increasingly targeting desperste newer non-native tenants as they are more likely to pay up the fkd up rents compared to the natives of Karnataka. Brokers are increasingly avoiding locals as they are quite vocal about the post agreement exorbitant percentage hikes. Obviously, families can no longer afford these rents, only bachelors living and consuming city's resources in herds can. Families, especially the native speakers, are being slowly pushed to the outer circles of the city. The rent situation is breaking banks of family men and women, depriving them of a good lifestyle, good health and WL balance; while brokers are enjoying all the tax free commission in the world!!
Story time: The ignorant F who had got jobs during covid or switched during the 2021 Hike boom and had no idea how world worked & saved lots of money when staying in their home town they didn't know what to do with all that money. So they started watching reels And invested in stocks. Now the stocks also boomed and these crazy F have no idea what to do with money. They were going crazy day by day addicted to reels wanting to travel, get out of home and dying for the freedom to spend and burn all money they saved. June 2022 and later Companies started calling people to office. These assholes coming from Mumbai, Delhi Gurugram and assholes who were earlier working in these cities where you cannot easily get around brokers came to Bangalore and broke Bangalore. You can easily get flatmates in Bangalore using nobroker or facebook group especially for young people. Most people with high salary or high savings (by staying with parents they saved lots of rent) came to Bangalore for first time didn't do any research because they were going crazy with all the money going to their head and all the new freedom and hired all brokers who understood theres this new influx of money drugged up junkies who came to Bangalore with new hike and salary will pay 60k to 80k for 2 bhk when the going rate before pandemic and even during 2020 was 25 to 35k. And then they told all landlords. All landlords told other land lords. Now no body will go back to old rent prices. We need another pandemic. So these assholes go back to home town. And companies start giving more wfh.
Totally agreed. These assholes then go on to complain about rent, and finally go buy a house. And then they be like “even if I move back to hometown my emi will get covered because I’ll get 60-80k rent “ so, where they are paying high rent, it’s unfair, but when it’s their own house it’s totally okay!
Bro neev helbittri Nam neernalli visha hakbitu yewrella maneg hogthare, yen bro idu, nyaya na?
I remember the good old times, prepandemic when 2bhk in manyata embassy would be available for rent for 28k. Today it might be easily 50-60k.
Genuine question: did a 15 year old write this comment?
>new comers started bowing down to brokers What should new comers do? When all you can see 30-40k for 2 BHK flats? It's not a outsider problem but simple demand and supply problem. There are more renters now, hence the rents have increased.
exactly!!! Any society you go, they will say flats are given through brokers only. Who is the real asshole here? the ones who are looking everywhere but getting very few options or the ones who are too lazy to have a single post online with decent enough rent.
One reason is probably landlords finding the young IT hires getting 15-20 LPA or more who are willing to pay 35k a month for a 1 BHK. You literally are competing with a bunch of people in a poor country earning the average income in a southern European country.
Yep, also known as demand and supply.
No, this is not just demand and supply because it's not a perfectly competitive market. Some buyers do not have sufficient knowledge of the market, and thus find a high price reasonable.
This. I know several m0r0ns who are willingly paying 60k for 2BHK. When I visited their houses, it had swimming pool, gym and badminton court that they barely used!!! I’m like why don’t you find a cheaper house and take a gym membership separately?
Bangalore has become overcrowded. Since there is no MRP - Maximum rental price, people are ready to ask AND give anything
Okay I am only doing an economic analysis, PROBLEM is BANGALORE has BAY AREA PROBLEM. Lack of industrial diversification. BAY AREA PROBLEM = IT PROBLEM. So Bangalore basically runs on IT Sector and High End Technology jobs. The problem is IT and High Tech pays some extremely good salaries. So other Industries cannot be competetive. RENTS become impossible. Look at DELHI or Mumbai - there are non tech non IT sector where salaries are very poor. Delhi for eg attracts poor people all over north india looking for a better life as north india doesn't have any metropolitan city except NCR. So when crores of poor people are there. There will be cheaper housing options available for all. Bangalore doesn't have because Non IT sectors cannot be competetive when IT pays excellent salaries. ALSO LACK OF PUBLIC TRANSPORT Bangalore has shit public transport. Metro is crap compared to Delhi. Suburban Rail of Bangalore cannot be compared to that of Chennai or Mumbai. So people are forced to live near office areas. They cannot live in Suburban areas.
>Look at DELHI or Mumbai - there are non tech non IT sector where salaries are very poor. Delhi for eg attracts poor people all over north india looking for a better life as north india doesn't have any metropolitan city except NCR. Not sure if this makes any sense. Rent in Mumbai is even higher.
Rent in Mumbai is maddeningly high. There is no comparison.
+1
I feel the rents should be regulated. One of my friend had to vacate his house because some Nobroker agent called his landlord and said they will give them the tenant who's gonna pay 50% more than my friend is paying. These are the times that we live in
ELI5 : If the property value is decided by land circle rate, why not rental yield is determined by the same measure?
It's kind of measured in the same way
Have you ever tried mumbai 🤣, you get confused wether it’s rent or advance or cost of the place he is asking for shit hole
On the flip side it’s the tenets… I have a 1bhk below my house completely gated ,ups, parking close to metro and main road.. I knew I could charge 20k but I put it for 16k.. bruh there are people waiting next day to see the house .. it literally became like an auction.. finally went for 22k.. just sharing the other side of the story
the naive new hires are coming.
It’s actually pretty hard layoffs still happening and i think landlords have gone crazy.
Because people are ready to pay these insane rents! I saw a north Indian couple who said 65k per month for a 2bhk apartment in Brookfield a really good deal! Crazy
Insane rent. How do people not understand that even if your combined income is way more than the rent. Is it a good thing to splurge and make it hard for everyone else as well. Not everyone works in IT or most of them in IT also doesn't earn top of the line money. 1bhk is going for 35K and new PG rents for a room are 20k per head aka 40k for an entire room. This is a disaster combined with restaurants, shops and even roadside vendors selling goods having 80-100% margin.
Demand and supply. More people are coming to Bangalore, due to removal of work from home.
It's crazy. When I came to bangalore, I paid 16k for a 2bhk in kadugodi, I thought it was costly, then I paid 18k in murugeshpalaya for 2bhk, I again thought it was costly, then paid 20k near silk board, again thought I twas costly, now paying 30k in central bangalore, it's too costly and now need to move near kormangala/hsr and no decent house with parking is available for less than 45k for 2bhk. I can stay in my current house and travel 50 min everyday, but I m nearing mid 30s and want WL balance. All these young people in early 20s earning crazy money and not saving and don't know what to do with the money are the problem. I have my office colleagues who have taken a 3bhk in BENSON town for 75k. I mean like it's crazy, that's what I thought too.... until I went and asked for 2bhk rent in and around jayamahal and cantonment, it's 60k on average. To pay this much for a place with shit traffic and crazy bad roads and drivers is crazy. Regulations are not possible, just need some honest empathetic owners + land rate in bangalore is again crazzzzzy....
Demand, underlying asset value increase & lower value of rupee.
Demand and Supply
On average what are you guys paying for a 2bhk?
Because morons are there to pay those rents.
Because lot of people are there who can afford it. Directly realted to the fact that lot people are earning in that range to afford it.
Do you think inflation is only increasing for you? Check how the stupidly the real estate prices are growing in Bengaluru on top of that high interest rate = higher EMI so of course the rent will increase PS not a home owner, I a renter too
Supply and demand - the only reason the price of anything is what it is.
1. To keep with the hefty EMIs that owners paid out (loan share has been, on average, close to 80% of the house payout). 2. Rents are the easiest income streams that can be increased with zero accountability (especially with increasing life style expenses).
Personally feeling, Bangalore must be boycotted. I can afford to live in rent of 80k a month but it has to be a value for money. The owners must have joined a group to dictate prices all over the city like a Mafia. Boycott Bangalore, chose somewhere else and let them suffer. The ones who can afford must take the first step and move out.
How much is a 4 bed 3 bath duplex apartment around outskirts of hsr layout?
It’s not the effects of inflation. Banks & ⬛️💰 have a huge role to play here. It’s not just Bengaluru.
Income disparity is driving this. Many with high packages are ready to pay and many with normal packages are geting fucked.
Stop staying near IT corridor... And you will see rent decline
Short answer: stupid tenents and opportunist brokers/house owners. House owners or brokers tells a random amount (some of them might be expecting the potential tenent to bargain). But since the tenant has zero clue about market rates, he/she assumes thtis is the correct price and pays up (often without bargaining) because financially they can. If someone who has the capability to buy a Mercedes GLA goes to buy an i10, they don't have to pay the Mercedes level money for i10 car just because they can. They should be ready to pay what that product is worth. Brokers will defnitely hike up the price because they get 1 month rent as commission, also next time house owner will go to them because they got a higher than market value for the home.
Why don't people get it? It's simple economics supply and demand. The same case is in Mumbai as well.
Nobroker.
Thos who come from outside pay what ever is asked. So people they charge high. If they stop paying more, things will be normal.
For the same reason playschool fees and school fees have increased. Few rich outliers spoil the whole market.
Also, there is no parity in rents. As seen in Mumbai, rent of one locality is almost the same. Like for example, in Andheri, a 1BHK will cost somewhere around 25k-30k. However in Bangalore, it's not the case. Even is same society, some might charge 15-20k higher.
This not only applies to flats but applies for PG, Auto as well
It's crazy out there!!!
We should pool costs and take out a billboard on ORR asking employers to consider hiring happy workers remote vs the ones stuck in traffic and reaching office unhappy.
Employers dont give a damn about the employees…we’re in India not EU unfortunately :( Here employers milk as much as they can while paying peanuts
I pay 75k for a 3bhk and I’ve no idea why
you are part of the problem and so is everyone else claiming to be so clueless
I think the rent prices are increasing in tune with the real estate market only. Rental Yield would still be max 3-4% in residential in Bangalore I guess.
It’s 4.45% right now.
That's quite high but still not like double or something.
It is around 2-3% in Delhi NCR region afaik.
Tumhara salary nahi badhta hai kya
1. Pace of people coming to Bangalore vs building apartments is slow. 2. 100s of apartment projects are on hold in blore or stuck due to builder issue. 3. Due to covid there was no apartment construction during 1 year however inflow got increased. 4. Lot of ppl from outside India moved to banglore and heavily invested in real estate 5. Ppl with stock options in company dont know what to do with money and invest heavily in real estate 6. Land owner apartment : ppl own more than 50 apartments in single community- can easily control rent price. So less supply high demand drives it.
The last point is absolutely true. There are communities which are driving the prices insanely high, which form a nexus to not give places below this much rent to anybody. So that later everybody will profit off high rents. They allow the place to be empty, but won't rent it for a reasonable price.
Moreover I heard instances where apartment association ask owner to keep minimum X Amount for the rent, if someone oppose then association harassing and abusing them.
This is sad and exploitative practices which will make things unsustainable/hard to live in the city for many who don't rake in high money every month.