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What is it with Bangalore and its rental market? The government failed to stand up to the anticipations in economic development, do not worry, rental-housing market is on a roll. Developers not able to sell unsold inventory and the unoccupied house level is piling on like the promises of real estate market’s turnover; never worry, rental market will save the day.
The swelling population that has been migrating to the prime city in search for job, education, modern living, or simply a new city dream, have only contributed to the high magnitude of property demands.When the new beginning starts turning into a costly affair, the rental market once again comes into the picture to ensure that at least the accommodation needs of the migrants are well catered.Bangalore just like various other metropolitan cities of the nation is not untouched from the price appreciation and the rising rental house demands.
But what makes this particular city a prime choice among renters is the tag of being a hub of IT and entrepreneurs. That along with the uniformed price appreciation all over the city and multiple routes and complementing communication modes making all regions prime and suburbs equally accessible are the reasons that maintain the unwavering demand.
Here is a short rental analysis across all regions of the city.
South and East Bangalore
- Both regions have registered a rise of eight to seven percent respectively in the rental values from April 2014 to 2015, hinting towards a buoyant market.
- The IT hub of the East continued to be the main contributor on the way to a promising rental market of the IT city.
North, West, and Central Bangalore
- Central localities of the city notched the top points on the list of best performers in Y-o-Y rental market analysis. The closeness withNamma Metro and affluence of access with various parts of the city led to an increased rental value.
- With the commercial and residential development moving towards North Bangalore, the effect was reflected on Bangalore’s rental market too.
While the whole city has witnessed a rise in rental value to some extent, a few of the areas maintained their position as the ideal destinations for those who wishes to live on rent in the city of IT and entrepreneurs.
There are quite a few locations that tops the list of all-time favoritesat the back of constant price appreciation,demand for the owners and ideal neighborhood, high property options for the renters. Some of those areas that offer some of the most cost benefit equalized lease houses in Bangalore are:
- JP Nagar and Bannerghatta road.
These are two of the most affordable places for rent for one can find 1 and 2 BHK fully furnished andsemi furnished living spacesonthe budget of as low asRs 10,000. With JP Nagar being the center of corporate hub and Bannerghatta road the center of connection points with rest of the city, it is only profitable for the techies to settle down in one of these areas.
It is the fastest growing realty hotspots of Bangalore. With a multicultural neighborhood, the locality offers rental options at around Rs. 12,000 for the 1 BHK unit making it a slightly expensive market.
Based extremely near the Outer Ring Road and IT clusters of Whitefield and Madiwala, Sarjapurcontinues to be the prime choice for people looking to live near their workplace amidst the developed social and physical infrastructure. For renters, the villas in Sarjapurcomes as a lucrative option for they get to live luxuriously at a low per month rent rate.
This brings us to the end of the summarized study of what makes Bangalore a rental market haven and backbone of the nation. Now that you know the reasons, facts supporting the reasons and the localities that have with time marked their name for being ideal, what are you waiting for? Go sign a rent agreement already.
Tripti writes for 99 acres.com, with articles focused on real estate industry. Being an avid reader and a keen observer, she keeps herself informed about the new realty developments in real time. You can reach her on G+ and/orLinkedIn.