Bengaluru’s rental market saw the sharpest spikes in the year leading up to April 2023, outpacing other major Indian cities amid post-pandemic demand surges. Reports from NoBroker and Anarock highlight hikes exceeding 30% in key areas like Whitefield and Sarjapur Road. This article recaps the trends as observed then, with visuals for clarity.
Bengaluru Leads Spike
Bengaluru topped rental increases with over 30% hikes in prominent areas, driven by IT sector influx and limited supply post-COVID. NoBroker’s Real Estate Report 2023 noted 7% of landlords raised rents by 30% or more, while Anarock reported 31% growth for 2BHK flats in Whitefield (1,000 sq ft).
A standard 2BHK in Sarjapur Road saw 27% YoY rise in early 2023, fueled by job relocations and family returns.
City Comparisons
Rental hikes varied widely across India, with Bengaluru and Mumbai facing the steepest jumps.
| City | Approx. Hike % (Past Year to Apr 2023) |
|---|---|
| Bengaluru | 30 |
| Mumbai | 30 |
| Hyderabad | 25 |
| Pune | 22 |
| Delhi NCR | 12 |
| Chennai | 10 |
| Kolkata | 9 |
Key Drivers
High demand from IT professionals returning to offices strained supply, pushing median rents from ₹30,000-35,000 pre-pandemic to ₹55,000-60,000 by Q2 2023. Landlords in Bengaluru relied heavily on rental income (52% fully dependent), enabling aggressive hikes.
Experts like Anuj Puri predicted stabilization by late 2023 due to seasonal dips, though Q1 demand remained robust.
Area Spotlight
Whitefield and Sarjapur led with 31% and 27% increases for 2BHK units, reflecting tech corridor pressures. Other cities like Hyderabad and Pune trailed but saw double-digit rises from similar migration trends.
Bengaluru rents spike the most in past year; here’s how your city fared added by admin on
View all posts by admin →