Housing rents growns by 2 to 4 percent in top seven cities in Q2 2024

Average monthly rent for residential properties has risen 2-4 per cent so far this quarter compared with the January-March period across seven major cities, according to Anarock. Real estate consultant Anarock said that the growth in housing rent across the top seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Pune, Hyderabad and Bengaluru -- has moderated because of improvement in housing supply. The data is based on average rent for a 2-BHK flat of 1,000 square feet. The average rent for a standard 1,000 square feet 2-BHK apartment in Bengaluru's Whitefield rose by 4 per cent to Rs 35,000 per month in Q2 2024 to date from Rs 32,500 per month in January-March this year. Anarock data shows that the top 7 cities are set to deliver 5.31 lakh new units in 2024 as against 4.35 lakh units in the last year. This denotes a 22 per cent annual supply increase this year if delivery schedules remain on tracks. As per the data, the average rents in Noida's Sector 150 rose by a mere 4 per cent to Rs 25,000 per month in the April-June quarter from Rs 24,000 per month in January-March 2024. The quarterly hike stood at 9 per cent in January-March 2024 as against the October-December period of 2023. Average housing rent in MMR's key markets Chembur and Mulund rose by just 2 per cent against the preceding quarter (Q1 2024). In January-March 2024, it rose by over 4 per cent against Q4 2023. Hyderabad's HITECH City and Gachibowli saw average rents rising by 3 per cent each in April-June 2024 to date over the preceding quarter. In January-March 2024, the quarterly average rent hike in both these markets was 5 per cent.

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