Despite rents in Bengaluru touching the roof, especially in areas close to the city centre, there is enough demand for 1BHK apartments among students and young professionals relocating to the IT city for new jobs.
Local brokers say the demand for 1BHKs has increased by over 20%, and most of these apartments are being rented out for ₹25,000-30,000 per month in prime areas like Indiranagar and Koramangala.
"I receive more than 10 queries for 1BHKs close to Indiranagar and Koramangala. These are typically 300-550 sq ft smaller inventories with six to nine months of security deposit," Sunil Singh, director of Realty Corps, said.
Almost a decade ago, 1BHKs were uncommon in Bengaluru, and the few available had large sizes. Even though newly launched 1 BHKs are smaller, they fetch higher rates.
"Today, not only have their sizes shrunk by more than 30%, but rentals have also increased. We hardly have any inventories available," Singh added.
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Students, people relocating to the IT capital for new jobs, among tenants looking for 1BHKs
Most prospective tenants in Bengaluru looking for 1BHKs are students or people who have relocated to the IT city for new jobs.
{{/usCountry}}Most prospective tenants in Bengaluru looking for 1BHKs are students or people who have relocated to the IT city for new jobs.
{{/usCountry}}They have a budget of about ₹20,000-30,000 per month and cannot typically afford larger 2BHKs, which command a rent of almost ₹40,000 monthly.
"So they look for smaller places that are also easy to manage, close to their workplaces or colleges. A 2BHK is largely unaffordable and rarely available in such areas," Singh added.
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More options for 1BHK units in peripheral locations
Local brokers say that key north Bengaluru micro-markets, like Hennur Road, Jakkur, Yelahanka, and Hebbal, are the most promising locations for those scouting for 1BHK units.
1BHK units are in high demand in areas like Hennur, particularly among students and professionals working in north Bengaluru. However, these units primarily cater to individuals who live and work in the northern part of the city. The location is about 30 km from the city and is a long commute from the city centre, Singh said.
A 1BHK in a gated society in north Bengaluru would cost around ₹25,000, depending on the amenities available. In prime areas like Indiranagar or Koramangala, rents for a 1BHK apartment of about 400-450 sq feet will set you back ₹20,000- 25,000, and fully furnished apartments can go up to ₹30,000 per month, brokers say.
Bengaluru also offers studio, one-room, and kitchen options on the terrace. Such flats located close to the city centre command a monthly rent of ₹15,000 to ₹20,000. However, brokers say that most of these units are fully furnished.
A typical studio apartment in Bengaluru is 300 sq ft to 400 sq ft. Areas like Koramangala, Indiranagar, and HSR Layout are among a few places where studio apartments are in demand. These often come with amenities such as a swimming pool and a gym.