Average monthly rent for residential properties has increased by 2–4 per cent so far this quarter compared with the January–March period across seven major cities. The rise in rents has moderated due to an improvement in housing supply.

The data is based on the average rent for a 2-BHK home of around 1,000 sq ft.

In one major technology hub of Bengaluru, the average monthly rent for a 1,000 sq ft 2-BHK has risen by 4 per cent, reaching ?35,000 in the current quarter, up from ?32,500 in the January–March period.

Across the seven major cities, a total of 5.31 lakh new housing units are expected to be delivered in 2024, compared with 4.35 lakh units last year — representing a 22 per cent annual increase in supply, assuming construction schedules are maintained.

In a prominent housing sector of Noida, the average rent increased by 4 per cent, rising to ?25,000 per month in the April–June quarter from ?24,000 per month earlier. The previous quarterly rise during January–March was 9 per cent compared to the last quarter of 2023.

In two key residential markets of the Mumbai metropolitan region, average rents increased by only 2 per cent over the previous quarter, compared with more than 4 per cent growth in the January–March period.

In two major residential hubs of Hyderabad, average rents increased by 3 per cent this quarter, compared with a 5 per cent rise in the January–March period.

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