Rents soar in Bengaluru as the city recovers from the pandemic slowdown.
Story so far: Rents in Bengaluru have almost doubled since the beginning of 2022, making the city’s residential market the hottest across India. Per market research reports, landlords here charge the highest proportion of their property’s value as rent, more than even Mumbai. The issue is severe in central Bangalore, Whitefield, and the Outer Ring Road.
- Apartments were sold at extremely low prices during the COVID-19 pandemic. With people leaving the city for remote work, many apartments remained vacant.
- Bengaluru’s economy is recovering after the pandemic slowdown, causing landlords in the seller’s market to clamour for lost revenue.
Why it matters? Market researchers show that Bengaluru was the hardest hit among metro cities during the pandemic. The recent surge in demand and supply shortage has made house-hunting quite strenuous. Some landowners ask potential renters to furnish LinkedIn profiles and résumés to gain an edge over others.