The COVID-19 pandemic in India led to many companies implementing work-from-home policies, causing a mass exodus of renters from various cities back to their hometowns to save money. This resulted in landlords struggling to find new tenants, leading them to drop rent prices to a more reasonable rate. Consequently, some individuals were able to move into better apartments for lower prices.
However, now that companies are asking employees to return to the office, and restrictions are being lifted due to vaccinations, many landlords are increasing the rent to make up for their losses during the pandemic. This has resulted in many tenants being forced to move out of their current residences and find more affordable housing.
An example of this situation is Anwesa Chakraborty, a 36-year-old woman living in Bengaluru, who moved into a 3 BHK flat in Bellandur in 2020. The rent was initially agreed upon to be Rs 25,000 with an annual increase of Rs 1,000. However, in 2022, the landlord increased the rent to Rs 35,000, and shortly after, to Rs 45,000, citing other apartments in the area charging that amount.
Anwesa and her family, including her ailing 75-year-old father-in-law, were forced to look for more affordable housing and eventually found a 2 BHK apartment for Rs 18,000. Meanwhile, the landlord found new tenants willing to pay the higher rent.
With the price of groceries, gas, and petrol also increasing, it is difficult for individuals who have lost their jobs to manage these expenses. It raises the question of whether it is fair for landlords to increase rent prices so drastically during this difficult time.
