Bengaluru landlord loses ₹5 lakh for citing 3BHK at ₹75,000: 'Landlords are still living in 2022'

A recent Reddit post shared how a Bengaluru landlord lost over ₹5 lakh as a 3BHK stayed mostly empty due to high rent.

Rent prices in Bengaluru have been rising for years, but in some areas the market is now showing signs of change.

The landlord had set the rent at ₹25,000 per room, above the area's average of ₹20,000. (Unsplash/Representational Image)

A Bengaluru landlord who owns a 3BHK flat in Whitefield has reportedly taken a loss of over ₹5 lakh because two of the rooms have remained empty for almost a year.

Recently, one of the tenants shared this experience on Reddit, stating living alone in a 3BHK flat in Whitefield.

“Bangalore owner took a loss of 5 lakh+ on rental,” the caption of the post reads.

Landlord struggles with empty rooms:

According to the post, the landlord had set the rent at ₹25,000 per room, above the average of ₹20,000 in the area, making it hard to find tenants.

As a result, one tenant has been living in the entire 3BHK for just ₹25,000 per month in total.

“So I’ve been staying in a spacious 3BHK in a very good society for just ₹25k total,” the tenant added.

In response, the landlord has now reduced the rent to ₹18,000 per room. While prospective tenants are visiting, no one is finalising the agreement.

The tenant said the empty rooms alone could have generated an extra ₹20,000 a month each. “If even one month goes empty, that’s almost a 10% loss for the year,” the post adds.

“Feels like landlords are still living in 2022 peak mindset, while the market has already changed,” the tenant adds.

Check out the post here:

Screengrab of the Reddit post. (Reddit)

According to the tenant, many new tech parks are still half-empty. Sumadhura Capitol Towers, Brigade projects on Varthur Road, and some DSR buildings have a lot of space that looks underutilised.

Here's how people reacted to the post:

Reddit users had mixed reactions to the post. Users pointed out that tenants now have the advantage in areas with rising supply.

One of the users commented, “A 2BHK in a standalone building is available at 20k. Why would anyone pay 18k for a shared room? Rental yield in the Whitefield area is a big joke.”

A second user commented, “I have seen owners keep flat vacant for 500-1000 ₹discount.. they lose 50k, 60k long term.”

A third user commented, “75k for a 3bhk is peak level greedy..good he is losing out to his greed.”

(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)