The residential rental market in Mysuru has wilted under the pressure of Covid-19 pandemic. Real estate agents say the house rent in city limits has plunged by 10-20% in the past one month.
Adisheshan Gowda, the Mysuru chapter chairman of National Real Estate Development Council, agreed that rents have reduced due to the Covid-19 crisis and lockdown. “It is not possible to predict the future even after the Covid-19 lockdown eases,” he said.
Real estate businessmen said that rents have come down even in upmarket areas like Saraswathipuram, Jayalakshmipuram and Lakshmipuram. The advance amount paid for rented house has also fallen drastically in the past few days.
“For two-bedroom independent houses in the heart of the city, the owners were demanding Rs 17,000 to Rs 19,000 per month with 10 months’ rent as advance. But now it has come down to Rs 14,000 to Rs 17,000. In the outskirts like Srirampura, Lingambudikere and Bannur Road, such houses are available for Rs 7,500 to Rs 9,000 now. For attached houses, the rent has come down to Rs 6,500 in these places. There are hardly any takers,” said Rajarathna N, an agent from Jayanagar.
“The Covid-19 crisis is affecting the rental business and families depending on it in a big way,” said Sumanth Kumar, a real estate agent from Hosabandikeri.