House rent in India is on the rise, with cities like Noida, Gurugram, Pune, and Bengaluru seeing the sharpest increases. Noida leads the pack with a 22% rise, while Pune, Bengaluru, Gurugram, and Hyderabad follow closely with increases between 12% and 16%. Mumbai, already known for its high rents, has the lowest increase at less than 10%.
The surge in rental prices can be attributed to various factors, including post-COVID housing demand, development of modern housing societies, and inflation. Additionally, the Household Consumption Expenditure Survey 2023-24 shows that rent now accounts for 6.58% of household expenses, up from 4.46% in 1999.
With rent taking up a larger portion of an earner’s income, housing affordability has become a major concern for many. However, there is hope for market stabilization in the near future if supply and demand can be balanced. Stay tuned for more updates on the evolving rental market in India.
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