After nearly two years of disruptions caused by Covid, there has been a substantial increase in home rents in recent months as companies recall their staff to work onsite.
Story so far: Due to the increase in white-collar professionals, homeowners are not only demanding higher rents but also specific requirements for the kind of tenants they want, including their work records and the 10-month advance payment that was virtually discontinued at the beginning of the year.
- For a house that comes with a ₹50,000 per month price tag, the required advance amount would be ₹5 lakh.
Demand surge: There has been a surge in rental demand in recent months as companies have begun to call their staff back to work (at least in the hybrid model). According to Ashish Sharma, City Head – Bengaluru, ANAROCK Group, a real estate consultancy firm, demand has not only exceeded pre-pandemic levels but has far surpassed it.