HYDERABAD: Staying in rented houses is becoming increasingly unaffordable in Hyderabad as house owners keep increasing the monthly rents, leaving tenants in a fix. With a majority of employees (IT and other sectors) returning to Hyderabad, house owners have increased house rents. The reopening of schools and colleges has also increased the demand, letting owners increase the rent to match that of the highest bidder.
The demand for rented houses has crossed the pre-pandemic levels, signalling a strong recovery. There is a significant increase in the demand for larger houses as tenants are seeking properties with larger carpet areas to help with the hybrid work model.
Before the pandemic, rents in many localities such as Begumpet, SR Nagar and Bowenpally used to be around Rs 15,000 to Rs 20,000 per month. However, the rentals have consistently increased in the last six months and shot up by 30 to 50 per cent.
In areas such as Kukatpally, Kondapur, Gachibowli, Miyapur, Nallagandla, Lingampally and Manikonda, rentals in gated communities and standalone buildings are extremely high, making it almost impossible for a person earning less than Rs 30,000 per month to find a house. Experts say that for a normal worker, sub-urban areas in the northern and southern parts of the city are the only place to get decent accommodation at affordable rates.
According to city-based realtors, monthly rentals in the western side of Hyderabad, where a majority of IT employees work, are very high. In gated communities, rent for a 2BHK is around Rs 25,000 per month and Rs 35,000 to Rs 60,000 for a 3BHK. With regard to standalone buildings, having limited apartments, the rent is almost Rs 20,000 per month.
CREDAI Telangana chairman Ch Ramchandra Reddy said with the cost of properties, market value and registration charges going up, owners have decided to increase home rentals. “Many who have stayed in districts have returned to Hyderabad, which has resulted in the rise in demand for rentals. More than 50 per cent of the citizens stay in rental houses in the city,” he said.
Up by almost 50 per cent
Before the pandemic, rents in many localities such as Begumpet, SR Nagar and Bowenpally used to be around Rs 15,000 to Rs 20,000 per month. However, the rentals have consistently increased in the last six months and shot up by 30 to 50 per cent. Experts say that for a normal worker, sub-urban areas in the northern and southern parts of Hyderabad are the only place to get decent accommodation at affordable rates