Rental market in Koramangala

One of the south eastern localities of Bangalore, Koramangala is a home seekers paradise. Its prime location and amenities offered are some of the things that any home seeker would get impressed about. After the IT boom transformed the quaint city of Bangalore, the transformation started from the center of the city first. Koramangala was one of the first few places to accept the change and evolve into making beautiful and stylish high rise apartments. Although because of its prime locality many people feel that the real estate in the area is overly prices, the craze for properties in this area has not gone down. The availability of limited area in this locality has set the market soaring in demand. So people are now willing to rent in this area as the prices have touched beyond affordability for a new home buyer. This locality is also preferred over Madivala and Ejipura, both 2 km away on either side, despite the latter offering properties at lower values because of its proximity to other work destinations and for the pride the locality holds. Koramangala is preferred for its easy connectivity to the Outer Ring Road (ORR), its well-developed social infrastructure and the status quo attached with it. The preference for house for rent in Bangalore's Koramangala is also fueled by the presence of Namma Metro station at Jayanagar, which is about 6 km away. The everyday office commuters find it easy to ride the metro that now connects very well throughout Bangalore. Almost all CBDs are now connected via the ORR and they make the commute time to work and back faster. Koramangala is a locality for the upper middle class for renting. Those who want to live in posh localities but cannot buy one are usually the ones fueling rental market in this neighborhood. Koramangala is the second highest preferred area in the city for the purpose of renting residential accommodations. In this locality an average 1 bhk house for rent in Bangalore will cost anywhere between Rs.15,000 to 18,000 a month and other apartments depending on the size, number of bedrooms and location within Koramangala can range anywhere upto 60,000 in rent. Though these house rent in Bangalore are considered very expensive experts analyzing the market feel that the renters are willing to pay this cost to be able to live in this locality. Koramangala is also majorly preferred by investors who wish to change the homes into rental accommodation after seeing the great remuneration the rental market has to offer. The demand for rental properties is quite high in the city because of the constantly migrating population and Koramangala manages to stand out amidst all the other localities for the proximity to other amenities that most residents prefer. The name that its situated within the Bangalore city gives it a good boost in the renters market. Investors who invested in this locality a decade ago are reaping the benefits now with great rental revenue constantly flowing in.