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Surging rents trigger serious housing concerns among Hyderabad residents
Attractive career options in real estate in 2023
The resurgence of the work-from-office routine has triggered an unprecedented surge in Hyderabad’s rental market, leaving residents grappling with exorbitant housing costs
Hyderabad: The resurgence of the work-from-office routine has triggered an unprecedented surge in Hyderabad’s rental market, leaving residents grappling with exorbitant housing costs. House rents have surged by a staggering 25 to 45 per cent, particularly along the city’s western corridor, significantly impacting the affordability of living in sought-after localities such as Gachibowli, Kondapur, Miyapur, and HiTec City.
These areas have long been magnets for the migrant workforce, predominantly employed in the IT, finance, and pharmaceutical sectors. As professionals return to the city due to physical office attendance requirements and the reopening of educational institutions, the demand for rental properties has soared, driving up prices to new heights.
Before the pandemic, a 2BHK apartment in Kondapur could be secured for an average monthly rent ranging from Rs 21,000 to Rs 24,000. However, the current scenario tells a different story, with rental rates now ranging from Rs 30,000 to Rs 33,000. Similarly, for a 3BHK unit, the average rental price has surged from Rs 32,000 to a staggering Rs 43,000.
Pavan, an employee at a multinational company in the Kondapur area, shared his astonishment at the rising costs. “Recently, when I was searching for a 3BHK in high-end gated communities, I came across prices as steep as Rs 70,000 to Rs 80,000. I was initially informed that anything between Rs 40,000 to 45,000 (including maintenance) was reasonable.”
Realtors underscore the return of professionals as the driving force behind this rental market surge. “With companies mandating physical presence and schools and colleges reopening, there has been a significant influx of people returning to the city. This surge in demand has consequently led to skyrocketing rents,” noted Manish Rao, a prominent realtor in the area.
Real estate experts emphasize the influx of professionals as the catalyst for this remarkable surge in the rental market. “With businesses mandating a return to physical offices and educational institutions resuming on-site operations, the city has witnessed a resurgence in professionals returning. This uptick in demand has significantly driven up rental costs,” remarked Neha Choudhury, a real estate consultant in the city.
The escalating rental rates have not just ignited financial apprehensions; they have also underscored the urgency for enhanced rental regulations and the development of more affordable housing alternatives. Such measures would ensure the well-being and financial stability of Hyderabad’s residents in the face of these unprecedented housing challenges.
