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Monthly rent for 2-BHK flats in Noida up by 23% since 2019: Report
The rental demand would continue to head northward in 2023, as per the report.
The average monthly rentals for two-bedroom flats of 1,000 square feet area have risen by up to 23 per cent since 2019 across seven major cities, according to Anarock.
The key residential rental hotspots saw up to 23 per cent growth in average monthly rentals between 2019 and 2022, the property consultant said in a report.
The consultant has taken average rent for standard 2BHK (2 bedroom) unit of 1,000 square feet area.
Noida's Sector-150 saw the highest 23 per cent increase in average rentals to about ₹19,000 per month, from ₹15,500 in 2019.
"Rental demand increased substantially in 2022," said Anuj Puri, Chairman, Anarock Group.
"With more companies calling their employees back to the office, including in the hybrid mode, rental demand is rising across the 7 top cities, after plummeting during the two worst Covid-19 waves," he added.
The rental demand would continue to head northward in 2023, Puri said.
"Employees returning from their hometowns or other parts of the city tend to rent homes for at least the short-term, often to consider purchases at a later stage," he observed.
As per the Anarock data, in Hyderabad, the average rent in Hitech City rose 7 per cent to ₹24,600 in 2022 from 23,000 per month during 2019.
Gachibowli saw a 6 per cent rise to ₹23,400 from ₹22,000 a month.
In Delhi-NCR, the average rent in Sohna Road, Gurugram rose 14 per cent to ₹28,500 from ₹25,000 per month.
Dwarka in the national capital witnessed a 13 per cent increase in rent to ₹22,000 from ₹19,500.
In the Mumbai Metropolitan Region (MMR), the average rent in Chembur rose 13 per cent to ₹51,000 from ₹45,000, while that in Mulund grew 6 per cent to ₹41,000 from ₹38,600 per month.
In Kolkata, the monthly rentals at EM Bypass grew 16 per cent to ₹22,000 from ₹19,000, while those at Rajarhat increased 11 per cent to ₹16,500 from ₹14,800.
As per the data, the average rental values in Bengaluru's Sarjapur Road increased 14 per cent to ₹24,000 from ₹21,000 per month.
Whitefield in Bengaluru saw an 18 per cent increase in rentals to ₹22,500 from ₹19,000.
In the Pune residential market, Hinjewadi saw a 20 per cent increase in the average rent to ₹21,000 from ₹17,500, and Wagholi witnessed a 21 per cent increase to ₹17,000 from ₹14,000.
The average rent in Chennai's Perambur rose 13 per cent to ₹18,000 in 2022 from ₹16,000 per month in 2019.
At Pallavaram in Chennai, the rent grew 17 per cent to ₹17,000 from ₹14,500 per month in 2019.
