Is anyone else facing insane rent hike demands from landlords recently?
My owner just called me and said that since "everyone is returning to office", the market rate for my 2BHK in Kondapur has gone up from 28k to 40k. That is nearly a 45% hike!
He gave me 2 options: either agree to the new rent from next month or vacate so he can rent it to "new bachelors" who are apparently willing to pay 15k per head (so 45k total).
I have been staying here for 3 years, never missed a payment. This feels like pure greed. Is this legally allowed? Are people actually paying 40k for a 2BHK in standalone buildings now?
Sad reality bro. Same happened in my society (My Home Jewel). Rents for 3BHK jumped from 45k to 65k in just 6 months.
It is mainly because of the strict 5-day RTO mandates from Amazon, Google etc. Everyone who moved to hometowns is back, plus freshers. Demand > Supply right now. Landlords are just milking the situation.
Look, I understand it feels unfair, but you have to seeing it from owner perspective also.
For 2 years during COVID, many of us took 50% rent or kept flats empty. EMI did not stop. Property tax increased. Maintenance increased. Market works on demand and supply. If market rate is 40k, why should owner subsidize you at 28k?
It is harsh but it is business. If you cannot afford, maybe look at Miyapur or Lingampally?
And don't get me started on the "Bachelor Tax".
Owners are asking 2 months rent as brokerage + 6 months deposit? For what? And then they don't return deposit saying "painting charges". The hyd rental market is becoming like Bangalore/Mumbai rapidly.
Data suggests this is a short term spike.
We have about 40,000 new units coming up in Tellapur/Narsingi belt by mid-2025. Once those are handed over, inventory will ease up. Right now, specifically Gachibowli-Kondapur-Hitech belt is overheated because nobody wants to travel 1 hour in traffic.
My advice: Negotiate for 35k. Moving cost + Brokerage will cost you more than the difference.
Let them hike. IT sector hiring is slow. Once recession fears hit in US later this year, all these aggressive rents will crash.
I moved to Kokapet. Paying 30k for a brand new 2BHK. Extra 20 mins travel but peace of mind.
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