Soaring house rents: Secure longer-tenure lease agreement of 3 to 5 years

Incorporating an annual 5-7% rent hike clause in rent agreement will ease concerns

Rental rates in major cities increased 10 per cent to 31 per cent year-on-year in 2023, according to a study by Housing.com. With the market unlikely to cool soon, prospective tenants need to adopt smart strategies to mitigate the impact of rising rents.

Experts attribute the rise in rentals to a variety of factors. “The recent surge may be attributed to a strong desire for urban living, supply constraints due to construction delays, and price rise,” says Anshuman Magazine, chairman & chief executive officer (CEO) for India, South-East Asia, Middle East & Africa, CBRE.

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