Tenants in Bengaluru are in quandary — should they rent an apartment that entails rising rents, steep security deposits and society maintenance fees, or buy a house amid soaring prices and high interest rates in the face of job loss concerns?

Avinash Bhatt, a communications specialist based in Bengaluru, had always preferred renting over buying an apartment. As rents in the city go through the roof, Bhatt has had a change of heart; he is now contemplating buying one.

“There was a time when we would tell ourselves that we won’t be here in the city for a long time and rent it out. But the monthly rents are almost touching home loan EMIs in prime locations of Bengaluru,” Bhatt told Moneycontrol

“Today, even if I am not staying in Bengaluru, I will buy an apartment,” he said.

Bhatt was paying a rent of Rs 21,000 for the 2BHK he had been staying in since 2016. He moved in 2022 and is currently residing in Kengeri satellite town

“My landlord had also taken up a rented accommodation behind the apartment he had rented out to me. In 2022, the landlord bought the house he was renting and also bought another property in Whitefield. The apartment I used to live in now commands a rent of Rs 42,000 per month,” he said.

source : moneycontrol