This 2BHK in Koramangala, Bengaluru demands Rs 2.5 lakh deposit, Rs 43,000 rent

Several Bengaluru landlords have started decreasing rentals by Rs 10,000-15,000 in prime locations. (Representational)

A woman announced her plans on X to move out of her current 2BHK apartment in Koramangala, Bengaluru, igniting a debate about the high cost of rental deposits in the city as she sought a replacement tenant.

The initial tweet read, “We are moving out of our current 2BHK in Koramangala and looking for someone who’d be interested in taking it up! Want someone who will be willing to take it as it is (with all the furnishings). Rent 43k, deposit 2.5L, all furniture additional costs. DM for details!”

A follow-up tweet added more details about the property: “Yes the balcony in one room is beautiful, location is near Wipro signal and the kitchen is a cute little open situation. 10/10 vibes, great for couples IMO. No marriage nonsense, no pet nonsense.”

We are moving out of our current 2BHK in Koramangala and looking for someone who’d be interested in taking it up! Want someone who will be willing to take it as it is (with all the furnishings). Rent 43k, deposit 2.5L, all furniture additional costs. DM for details! pic.twitter.com/aUr5lwnMWF

— Leesha Agarwal (@Theleeshesh) August 1, 2024

The comments reflected a broader consensus on the high rental costs in the Silicon Valley of India. Another user remarked, “Not sure why people are surprised with 2.5 lakh as deposit, even I paid up that in Whitefield. Any decent society in Bangalore charges this kind of deposit.”

Others chimed in with similar sentiments, highlighting the city's unique rental market dynamics. “6 months deposit. Just Bangalore things,” one user noted, while another added, “I can stay in a luxury hotel with that per month rent.” Yet another comment simply read, “Deposit 2.5 lakh. Bangalore is no joke.”

Bengaluru techies are moving away from the IT corridors to the city outskirts where rentals are affordable. Brokers say rentals in IT suburbs like Whitefield have come down by at least 15-20 percent year on year.

A year ago, landlords in Bengaluru were riding the boom of their lifetimes as tenants tripped over each other to book scarce apartments in the city. Today, with the mismatch between demand and supply of rental inventories tapering, several landlords have started decreasing rentals by Rs 10,000-15,000, even in prime locations like Koramangala.