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Amidst The Skyrocketing Rents In Bangalore, Kots, A Whitefield-Based Company, Aims To Provide Better Tenant-Landlord Fit
Bangalore (Karnataka) [India], June 7: According to Oxford Economics, The Silicon Valley of India will be the fastest-growing city in Asia-Pacific in 2023, competing with cities like Beijing and Tokyo. The city’s economy is expected to rise by 6%, affecting all segments, including the rental industry. There is an increase in individuals searching for 1BHK […]
Bangalore (Karnataka) [India], June 7: According to Oxford Economics, The Silicon Valley of India will be the fastest-growing city in Asia-Pacific in 2023, competing with cities like Beijing and Tokyo. The city’s economy is expected to rise by 6%, affecting all segments, including the rental industry. There is an increase in individuals searching for 1BHK flats for rent in Whitefield, the IT hub of the city. As a result, Bangalore will see a steep rise in residents migrating from different parts of the country due to the shift from work-from-home back to office. From skyrocketing rent prices to tenant issues, Kots, the Leasing Company based in Whitefield, Bangalore, is looking to bridge the gap in the rental housing industry.
Bangalore’s sudden rental spike by 30% results from many combining factors.
- The rapid increase in demand for 1BHK flats for rent in Whitefield, Indiranagar, Koramangala, and other top rental localities has led to a gap in the rental market. The 3% increase in residential units in 2022 filled out fast due to people returning to the office. Over 50% of the population in the city is looking for 1BHK/studio rental homes. There is a large demand v/s supply gap in the market.
- Another factor leading to the rental value rise is the landlords are making up for the passive income losses during the COVID-19 lockdown. Most individuals returned to their hometowns, creating home vacancies. Now, there needs to be a better match in the demand v/s supply.
Apart from rising rents, the tenant faces issues and unsatisfactory rental experiences. Many faced problems for over a decade due to the landlords’ preferences.
