Hyderabad: Many tenants, especially migrants, who are unable to find 2BHK and 3BHK houses at affordable rents in Hyderabad, are moving to the outskirts.
Rents in areas such as Gachibowli, which falls under the western part of the city, have witnessed an average 20 percent rise in the past year.
Influx of IT employees leads to surge in rents
A report published in TOI quoted industry insiders citing the influx of IT and other employees as the reason behind the surge in rents for houses, including 2BHK and 3BHK, in Hyderabad.
Additionally, the demand for deposits is also pushing tenants to the outskirts. According to the report, property owners are demanding 3-4 months of rent as a deposit.
In response to the rising rents, tenants are moving 20-30 km away from the heart of the city in search of affordable housing.
On the other hand, property owners claim that the rise in rents for 2BHK and 3BHK houses is due to losses incurred during the pandemic amid low occupancy.
Average rents of 2BHK, 3BHK houses in Hyderabad
Average rents for 2BHK and 3BHK houses in Hyderabad vary across different areas. In the IT corridor, rents average Rs 40,000 and Rs 30,000 respectively, while in Manikonda, they are Rs 30,000 and Rs 35,000. In Begumpet, rents are Rs 20,000 and Rs 30,000, and in Kukatpally, they are Rs 30,000 and Rs 35,000.
Although rents are higher in the west, north, and east zones of the city, they are relatively lower in the south zone.
Speaking to Siasat.com, Najma Sultana, a resident of Rajendra Nagar who recently shifted to the area, mentioned that despite being far from the heart of the city, rents in the area are lower compared to other parts of the city. She stated that average rents in the area are Rs 10,000 and Rs 12,000 for 2BHK and 3BHK houses respectively.
With the rise in rents in Hyderabad, many tenants are opting to move to the outskirts of the city.
