The rental housing market in Bengaluru is notorious for many reasons: from high rents and sharp rent increases to huge security deposits, lack of choice and eccentric demands from landlords.
According to a report by real estate consultancy Anarock, Bengaluru recorded the highest rental yield of 4.45% among India’s top seven cities in the first quarter of the current calendar year.
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The Covid-19 pandemic exacerbated the supply-demand imbalance of residential units in India’s Silicon Valley as restricted mobility disrupted construction cycles by six to eight months. On the other hand, demand for rental housing continues to rise as companies call their employees back to offices, giving landlords an advantage.
Here are five things that tenants in the Garden City expect from their landlords
1. Lower deposits
Unlike the common practice of requiring two months’ rent as a security deposit for an apartment in major cities in India, landlords in Bengaluru require an average of between five and ten months’ rent as a security deposit. In addition, many landlords include additional clauses in the rental agreements, such as painting costs when tenants vacate a property.
Local agents blame this on an old mindset that is slowly starting to change, especially among younger landlords and students/young professionals. In addition, there is room for negotiation, albeit little, according to residents.
2. More privacy and reasonable restrictions
Landlords in Bengaluru have recently become notorious for their eccentric demands on prospective tenants, such as requiring CVs, proof of income and submission of email approval for overnight stays from guests, among other stringent requirements.
“I want to have control over what I do in my space as long as it is legal,” said Prajwal Desai, a resident of Kasturi Nagar in northeast Bengaluru.
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“I want to have my pet, bring my friends home for the weekend and maybe enjoy my favorite meal with beer after a long day. I don’t understand why the homeowners think they have the right to morally monitor me and my lifestyle,” Desai explained.
3. Infrastructure problems
Besides traffic problems, the IT capital is also prone to water issues. Starting from mid-March, the capital Bengaluru suffered acute water shortage for nearly three months as water levels dropped due to a weak monsoon last year.
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“Definitely a regular water supply. My landlord does not open the tank often enough for residents to have a regular water supply, which is a basic need. We have running water only every other day,” says Heena Kashyap, who rents a two-room apartment in Lalbagh, 7 km south of the city centre.
4. Solid house equipment and fully functional sockets
Tenants, especially those renting expensive properties, believe that quality interiors are a must. “In upscale neighbourhoods, where tenants are already paying a fortune to rent a property when there is a shortage of amenities, landlords have to ensure that the apartment is well-equipped before handing it over to a new tenant. Office workers cannot afford these chores on weekends,” says Anirban Choudhury, who rents a two-bedroom apartment in Kasturi Nagar.
5. Regular annual rent increases
Bengaluru has seen sharp rent hikes across the city following the Covid-19 pandemic, with rents increasing by over 40% in the best areas. Tenants feel that landlords need to adopt an ethical practice by increasing the annual rent within reasonable limits. “For those who move to the city for better career opportunities, especially young professionals, a sudden rent hike means a lot of mental anguish,” said a tenant who wished to remain anonymous.
