In a significant shift in the Bengaluru rental market, landlords in prime locations like Koramangala and Whitefield are reducing rents by ₹10,000 to ₹15,000. This trend is largely due to tech professionals moving away from traditional IT corridors, driven by the increasing flexibility of remote work and the desire for more affordable housing options.
Techies, who once preferred living close to their workplaces, are now exploring residential areas with better affordability and quality of life. This movement is causing a drop in demand for rental properties in the city's well-known IT hubs. As a result, landlords are compelled to lower rents to attract tenants and maintain occupancy rates.
According to recent surveys, the average rent reduction in these prime areas is around 15%, with some landlords offering additional incentives such as reduced security deposits and maintenance fees to retain their tenants. This trend is expected to continue as more tech companies embrace hybrid and remote work models, further decentralizing the demand for housing in specific urban zones.
The reduction in rental prices is seen as a welcome change for many potential tenants who were previously priced out of these prime locations. It also indicates a broader shift in the real estate market dynamics, with a possible redefinition of prime residential areas in Bengaluru.
In addition to the economic factors, lifestyle preferences are also influencing this trend. Many professionals are now prioritizing larger living spaces, proximity to nature, and better community amenities, which are often found in the suburbs and less congested parts of the city.
Overall, this evolving rental market presents new opportunities and challenges for both landlords and tenants. As the landscape changes, keeping an eye on emerging trends will be crucial for making informed real estate decisions.
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