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Rental Insights: Bangalore Q4-2015

Bangalore is unique among all major cities of India. This is because of the multifaceted qualities of the city. As a city, Bangalore was industrialised early in the 1900s, under the able guidance of Diwan, Sri M Visvesvaraya. From then on, this city is known for continuous advancements in all fields, and at the same time, it is renowned for its special history.

Over the years, this IT capital has also grown as a hub of startUps, attracting people from across the country, paving the way for more employment opportunities and fostering the development of evergreen industries like food and real estate.

Bangalore Real Estate, as a sector is constantly developing with new players popping in, with a variety of options. However, the urban population with a majority of non-localites, has made way for the development of the rental market in Bangalore.

This article explains you the top rental localities of Bangalore with their price trends:

1BHK

 

Electronic city phase 1 leads the race in terms of high demand localities followed by Whitefield and HSR layout. However, in terms of affordability, Whitefield is a clear winner with over 82% of listings below the city average rent of 11900 per month. On the other hand, localities like Indira Nagar & Koramangala are on higher side for young employees seeking affordable residences as there are more than 90% of the properties above 12000 per month. though Koramangala is on the upper side of the distribution chart compared to city averages, but there is a lot of variation in prices across, thus one can get houses in different ranges as one wishes.Electronic City Phase I also has a higher range of property rates but majority lies within the city limits.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Electronic City Phase I1000012000-16.7%31%
Whitefield875012000-27.1%18%
HSR Layout150001200025%70%
Indira Nagar150001200025%92%
Kundalahalli12500120004.2%57%
Marathahalli13000120008.3%95%
Koramangala170001200041.7%67%
BTM Layout1120012000-6.7%18%
Mahadevapura12000120000%39%
Panathur13000120008.3%64%

2BHK

 

Whitefield, Sarjapur road and HSR layout are the top sought after localities for 2 bedroom apartments and are placed at par with the city rental trends. Electronic City phase I and Bannerghatta road are the regions to look out for if one is looking for budget homes. There are remarkably 90% homes priced within the city trends in Electronic City Phase I. Koramangala followed by Whitefield has a large spread in terms of rent prices as one can find low along with very high budget prices as per requirements.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Whitefield21000200005%53%
Sarjapur Road220002000010%69%
HSR Layout230002000015%67%
Marathahalli220002000010%65%
Electronic City Phase I1500020000-25%12%
Bannerghatta Road21000200005%50%
Koramangala310002000055%83%
JP Nagar20200200001%50%
Bellandur220002000010%77%
Mahadevapura230002000015%56%

3BHK

 
AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Whitefield2700029000-6.9%44%
HSR Layout330002900013.8%84%
Sarjapur Road320002900010.3%66%
Marathahalli31000290006.9%63%
JP Nagar30000290003.4%64%
Electronic City Phase I1900029000-34.5%5%
Bellandur350002900020.7%71%
Bannerghatta Road2400029000-17.2%10%
Koramangala5900029000103.4%99%
Mahadevapura31000290006.9%70%

Ask any renter in Bangalore and they’ll tell you that the rents are too damn high. Sadly, they aren’t exaggerating. Buying a home in Bangalore is not cheap. Renting particularly in expensive neighborhoods that are close to a city center, is not cheap either. Affordable housing in both the for-sale and rental markets has become incredibly scarce in desirable neighborhoods in urban centers. So what’s a renter to do?

Is it time to implement rent control measures like New York and San Francisco cities?

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