House rent witnesses drop on Mysuru city’s outskirts

Mysuru: House rent is falling in the city’s outskirts, especially in the Bogadi Road and Hunsur Road areas, which are the two major residential areas in the city. According to residents, 2 BHK houses are now available for Rs 9,000 to Rs 10,000 rent per month, which was nearly Rs 12,000 a year ago.
The main reason is that many who moved out of Bengaluru, are now returning to the capital city, resulting in low demand for housing, apart from infrastructure-related bottlenecks.
According to locals, since June this year, the rent is falling in most parts of the city’s outskirts. Another trend is the increasing number of houses listed for rent. As a result, those who search for a house, are able to bargain hard and get a good price for rent.
Earlier, in Kergalli, Dattagalli, and surrounding areas, rent for two BHK houses, used to start at Rs 12,000, but in the last 2-3 months, the scenario changed. With schools re-launching offline classes and the work from home (WFH) option coming to an end, many are returning to Bengaluru. Since June, demand for houses to rent has come down drastically here. Even east-facing houses are available for Rs 9,000 per month now, said Mahadeva Swamy, a real estate agent from Roopanagar.
As the schools restarted in June, many parents left the city in the end of May, which affected the market, he said. National Real Estate Development Council (NAREDCO) state chapter president M Satish Kumar, who hails from Mysuru, said that it is true that with the WFH option ending, many Mysuru residents are returning to Bengaluru, however, it has had not much of an impact on the rental market in the core city areas. The poor infrastructure in the city’s outskirts, is the reason for the fall in demand for houses to rent, he said. “The people who are affected due to poor civic facilities like transport, road, water and sanitation, are moving to core city areas. So, the rent is falling in the city’s outskirts. These fluctuations are common in the real estate market,” he said.