Savills said that aspirational renting has increased in the past few years.
The average monthly rent for premium apartments in Gurugram has seen a rise of 28 per cent during the January-June period of this year compared to 2022, real estate consultant Savills said in its report. The rise has been exceptionally high in Golf Course Road (33 per cent) and Southern Peripheral Road (31 per cent), Savills further said. The rent in Delhi-NCR region has already been on the upswing since the pandemic got over. Among the NCR cities, Gurugram has seen one of the steepest hikes.
Savills report has taken into consideration the average quoted rentals for 3-BHK and 4-BHK apartments on Golf Course Road.
Why the increase?
Commenting on the rental surge, Savills India MD (Residential Services) Shveta Jain said Gurugram and Noida attract a constant influx of migratory working professionals who prefer renting over buying.
She noted that the pandemic brought about a major shift in housing preferences, with many individuals opting to upgrade to larger properties with better amenities. This led to an increased demand for 3-4 BHK homes and higher rentals.
What's the rent now?
As per the Savills data, Golf Course Road commands a monthly average rental of Rs 1,95,941, while the average rent at Golf Course Extension Road and Southern Peripheral Road is Rs 1,01,000 a month.
When it comes to New Gurugram, the average rent is Rs 47,100. A 3-BHK along the Dwarka Expressway will cost Rs 40,071 per month.
Ms Jain said that aspirational renting has increased in the past few years, especially in the luxury and uber-luxury segments.
"High-net-worth families chose to transition from traditional intergenerational homes to lavish experiences offered by high-end condo living. With limited new launches in the luxury segment, the existing supply of luxury properties experienced a notable spike in rentals," she was quoted as saying by news agency PTI.
What about the ultra-premium projects?
Savills said that the monthly rent in DLF's ultra-premium project 'The Aralias' at Golf Course Road Gurugram has increased to Rs 4.5-4.75 lakh from Rs 2.6-2.7 lakh before the pandemic. The minimum apartment size in this project is 5,800 square feet. Furnished flat is available for rent at Rs 5.5-6 lakh.
In another DLF project, called 'The Magnolias', the monthly rent was Rs 3.7-3.8 lakh but has now increased to Rs 5.5-6 lakh for unfurnished and Rs 6.5-7 lakh for a furnished apartment. The minimum property size in the project is 6,400 square feet.
In DLF's 'The Camellias' project, the monthly rent is Rs 8-9 lakh for an unfurnished flat and Rs 11-12 lakh for furnished apartment.