Rent hike is becoming a major problem
G Anand, a resident of Andheri, in Mumbai, recently found himself in the unenviable position of having to shift out of his rented house. Other than the expenses involved in finding a new house, packing and transporting his possessions, Anand was worried about the broker’s fee that he would have to incur, which is generally equivalent to one month’s rent.
Having moved three times in the last 33 months to avoid a 10 per cent hike in rent when his lease expired — and each time to a new flat where the rent was Rs. 25,000 — his outgo on broker expense effectively increased his rental cost by over Rs. 2,000 every month. But there’s a way out of this never-ending struggle with brokers and their demands, thanks to the mushrooming number of websites that help people find flats for rent, or tenants for properties, without brokerage fees. These are websites that host broker-free platforms.
The biggest problem in the real estate industry now is inaccurate data with thousands of fake properties being listed on websites. At the root of this problem are brokers who have been given unrestricted access to online platforms that are becoming the preferred medium for house-hunting, especially by the youth said Pankhuri Shrivastava, co-founder and CMO of Grabhouse.
Source: The Hindu Business Line
Hike in rent, increase in rentals in flats, Mumbai, Rental prices high, Rental trend, Rentals in Mumbai
