‘Working just to pay rent’: Hyderabad's housing rent crisis worsens
Hyderabad: As Hyderabad continues to grow and attract professionals and workers from across India, the demand for housing has increased which has resulted in the dramatic rise in house rents.
With the expansion of IT, pharmaceutical, education and medical sectors in recent years, the migration of skilled workers has led to an increase in demand for rental homes.
As the demand for housing has outpaced the availability of rental homes, the rent prices have shot up significantly. The rise in rent prices is adversely impacting the budget of middle-class families and regular employees as many of them are forced to spend nearly half their income on rent alone. Many are complaining that the rents are increasing faster than salaries. Even a single bedroom in an apartment is a burden, and a double-bedroom is increasingly becoming unaffordable.
In prime areas of Hyderabad, single bedrooms are being rented for Rs. 8,000 to 12,000, and double-bedroom apartments range from Rs. 25,000 to 40,000 per month. The prices are even higher in areas like the IT Corridor, Gachibowli, Hitec City, and Madhapur. While in gated communities, double bedroom flats are being rented for Rs. 40,000-50,000. In addition to this, the high maintenance charges are burning a hole in the pocket of the tenants.
The question is why are rents increasing even when house prices are falling? In recent days, the real estate market in Hyderabad has slowed down, pausing the sale of independent houses and apartments in the city. One of the primary reasons for this slowdown is rising home loan interest rates and people are not willing to invest in new properties. Consequently, many middle-class families are looking for rented houses, which is driving up the demand and higher rents.
With the significant increase in house rents, many middle-class families are saying that it feels they are working just to pay rent. The frustrated residents have requested the government to introduce a rental control policy as the house owners are increasing the rent arbitrarily.
