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Bangalore: Like many other house hunters during the pandemic, Raksha (name changed) took an apartment on rent in the city in January 2021 that she could not afford otherwise. Raksha upgraded to a spacious one-bedroom apartment in BTM Layout area after sharing space for over three years.
“The deal was too good to say no. I’ve dreamed of living alone since graduation and can finally afford it,” said Raksha, who moved into her new home immediately.
However, after completing the two-year rent agreement, Raksha’s landlord has now asked for a 35% increase in the rent amount with effect from December 2022.
“I am paying Rs 12,000 as rent since I came here. But the landlord has now asked me to pay Rs 16,000 from next month. I tried to negotiate the price with the house owner but he did not agree and now I have to vacate the apartment,” Raksha said.
There are other tenants in Bengaluru, like Raksha, who are facing the same issue as the city begins to resemble its pre-Covid self.
Prateek B (name changed), who has been living near Yelahanka for over a year, has a similar story.
“I took the flat on rent a year back and also signed an agreement with the landlord. The agreement clearly states that after one year the amount of rent will increase by 5%. However, when the landlord came to collect the rent this month, he informed me that there would be an increase of around 35% in the rent from December. This means I will have to pay Rs 19,000 instead of the earlier rent of Rs 14,000.”
“We tried to negotiate and offered a 10% hike instead of 5%. But he did not budge from the tussle. I have been living in the city for seven years but never faced these issues before. I am vacating the flat now as I cannot afford it anymore.
While eviction notices are being served on the pretext of rent hike, many are clamoring to stay at affordable rates.
“I returned to the city in March 2021 and was able to move into the place in a jiffy. But now I have been served an eviction notice and am struggling to find an affordable house on rent,” said another tenant in the city.
Experts say that since people have now returned to their places of work in the city, rental real estate in Bengaluru has gone back to its normal demand. Rents are skyrocketing and landlords are not hesitating to take advantage of the situation.
“Most landlords have suffered during the time of the pandemic. They had no option but to reduce the fare. Many rental properties were lying vacant for months. Now that things are getting back to normal, the price of rental properties have gone up. People are trying to take advantage of rental properties and make more money,” said Suresh Hari, president, Real Estate Developers Association (CREDAI), Bengaluru.
Industry experts also recommend that this is the best time to invest in property instead of renting a place.
“While the cost of construction has gone up, property prices have remained the same. People should consider buying the property,” said a developer in the city.
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