Let’s look at how much it costs to rent a 1BHK in Bengaluru.
Demand for 1BHKs in Bengaluru Skyrocketing
The report added that local brokers pegged the demand for 1BHKs in the garden city as having hiked by 20 per cent. The cost of these units in prime locations like Koramangala and Indiranagar could cost anywhere between ₹25,000 and ₹30,000 per month. Director Sunil Singh of Realty Corps told HT that besides the rent, a security deposit of six to nine months’ worth of rent is also the norm.
He added that the sizes of 1BHKs have shrunk by over 30 per cent over the years, but rent has increased, and inventory is hard to come by.
Why Are 1BHKs Seeing A Rise?
The report added that, given that the influx of new renters is students and young workers, they are usually on a budget of ₹20,000-30,000 per month and cannot afford 2BHKs that command at least ₹40,000.
Singh told the paper that students or young professionals seeking housing close to their workplace or colleges choose smaller units between 300 and 550 sq ft.
What Are the Other Budget Options Available?
But with inventory in legacy areas likely low, the report cited local brokers as saying that “micro-markets” in locales such as Hebbal, Yelahanka, Hennur Road and Jakkur in northern Bengaluru are “promising” and cost close to ₹25,000 per month. A similar-sized (400-450 sq ft) flat in central Bengaluru would cost ₹30,000 per month.
The report also noted that studio apartments and one-room kitchen (1RK) flats (around 300-400 sq ft) in prime locations around Bengaluru could cost ₹15,000 to ₹20,000 per month, depending on the amenities available, but they usually come fully furnished.
Reminder: Deposits A Factor to Consider
While the monthly rent is the biggest consideration, the deposit is also a huge expense, usually required to be given all at once.
Another HT report noted that in Koramangala, Whitefield and HSR Layout, the deposit for a ₹40,000 rental 1BHK could climb as high as ₹4-5 lakh. This is because landlords in Bengaluru usually ask for six to ten months of rent as a deposit.
