Bangalore rents 🤯
I'm not able to wrap my head around the pace at which rents increase in Bangalore.
We moved here about a year ago and rented a 2 BHK semi-furnished apartment with basic amenities for 28k plus maintenance charges. The rent agreement said there would be a 10% increase after one year. Even though it was a bit over our budget, we decided to go for it.
Now, a year has passed and we've settled in, but the owner is suddenly saying he's canceling the previous agreement and starting a new one with a rent of 38k plus maintenance. And he told us this only 15 days before! This new amount feels way too high for our apartment. We're thinking about moving out, but then again the trouble of finding another place and shifting all our stuff in short period is making me anxious. We are not able to decide on what to do. Is this normal here? Any advice?
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38k is way too much. And these so called owners will get it if not from you than from someone else. It's better to move out but I can understand the pain of finding house again. It's not easy job. Plus you have to pay brokerage again. Security deposit again. Lot of unwanted spenditure.
Yeah :(
For the past year, my WFO policy has been relaxed a bit. Previously, it was 3 days per week. Now, it's still 3 days, but I can manage with 3 days every 2 weeks. So currently, I'm considering moving back to my native place and maybe traveling biweekly.
Too much headache in travelling. Better to avoid it. Don't go to office at all. If your manager threatens than give him reason I can't afford 45k house.
Maybe Renew the lease for a few months until you find a cheaper house
Yes, we actually checked with the owner about the renewal. However, he is saying that renewal is not possible. He said, 'It is up to you to decide whether to continue or vacate. As I said, it is not a renewal but a new tenancy at market rates.' This will also have an 11-month lock-in period again!
There'll be some penalty if you break the lock in so it's ok. You'll have to make peace with paying that
Move out. He might do this stupidity again.
Move out
The hike should be 5% for domestic properties and 10% for commercial properties. This is just FYI for future agreements. I suggest you move out unless you have critical dependencies like school or office proximity. Unfortunately, 38k has become a norm, usually in gated communities with many amenities.
In many scenarios, these demands are put forth by middlemen or managers who handle the properties on behalf of owners located elsewhere or abroad. If that's the case, try to negotiate with the owner directly.
Move out