Rushali, an IT Consultant with Wipro, has just accomplished this Herculean task of finding a rental home for herself in Bangalore. Meeting the demands of the house owners, which is paying 10 months’ rent as advance deposit, and some invisible charges as well as deductions have been enough to give her some sleepless nights. Hope she is happy with her decision now!
Alike Rushali, there are many others who shift their bases from their hometowns to the silicon valley of India, which is Bangalore and add to the burgeoning population of the city. However, this has brought about some real good news for the realty segment. The market is booming and rental housing segment is particularly driven towards some remarkable growth. Here are some of the factors which you should take into consideration while looking for house for rent in Bangalore.
Being an expensive city in terms of living, Bangalore demands a big lump sum for the rental homes. Ideally, you should not give away more than 20 – 25% of your total income just as rental amount. Here you would need to place a cap on your budget, be flexible while you look for your rental abode. Also, do not forget the amount which would need to pay for extra things like parking, maintenance fees, electricity, water, to name a few.
Just for the information of those looking for rental homes in Bangalore, the New Model Tenancy Act 2011, which is a proposed act, suggests that the tenants need not give away more than three months’ rent as deposit. The act also specifies a number of tenant-friendly rules, benefitting both owners and tenants, alike.
If we talk about the apartments, the rental values are directly proportional to the facilities available, mostly, how advanced the security system is, the parking facility available, kids zones, gym, swimming pool and other leisure options! Proximity to the commercial hubs of the city, along with better connectivity are the things which matter a lot.
For the independent houses, adequate water and electricity supply, amenities, interiors, parking, and locality are the main criteria. Tenants look forward for quality living and facilities in the gated communities, and the reputation of the developer plays a pivotal role in fetching good rental returns, and also the tenants.
Unless you have your own vehicle, there is no point living in the far flung areas away from the city center. Proximity with the metro network, important connecting roads, IT clusters of the city, and other important city areas. In localities like Baiyappanahalli, Indiranagar, Marathalli, Outer Ring Road, Ramamoorthynagar Sarjapur and Whitefield, rents are spilling over, and there is no looking back for such areas.
As the image clearly suggests, you have these sure shot ways to find your perfect home on rent. Now comes some of the most important things which you would need to keep in mind after you finalize the accommodation for yourself. Take a look:
- Entering a valid rental agreement.
- Checking the documents carefully.
- Checking the terms and conditions on refund of advance deposits.
- Do not forget to read the maintenance clauses properly. The repair works after you vacate the house are owner’s liability, but make sure it is written in the agreement.
In a Nutshell
The land owner would like to check your background. Do not hesitate, go ahead and give him/her the referrals as well as a sign of credibility. As in other metropolitan cities, the property owners in Bangalore also have this practice to enter the lease or rental agreement on the basis of proper background check of the individuals and complete paperwork.
Hope this write up helps you in finding that perfect rental home for you in Bangalore!
Author Bio: Rashmi Karan is a professional writer who writes about the realty industry of India and focuses on offering location-specific information of the cities. She also offers solutions for the real estate related queries.