Taking into consideration the total monthly household income, what according to you is the maximum limit that should be spent on house rent? How do you decide your maximum budget for rental expenses?
I am asking this because I live in a tier 2 city, and am looking to move to a new apartment. While the move will be an upgrade, the expected rental outgo (including EB, maintenance and other utility bills) is also increasing a lot. I might have to shell out almost 30% of the total income on rent related expenses. That is more than what I was expecting it to be, although I can still afford to pay that much.
Was expecting only people who stay on rent to participate in the poll.
That’s the annoying part. Spending nearly 1/3rd of the salary in return for compromises in terms of infrastructure and amenities.
BTW, Nagpur is tier 2 city, IINW, although it makes no difference in any way. Tier 2 or 3 classification seems very arbitrary.
Joking aside, rents in Pune have gone up after the Covid. They were stable for a long time until Covid. The lockdown gave us WFH, and yet more people are buying properties than before. It’s a FOMO.
We live in a DAE Township but still my wifes salary get deducted for HRA, Electricity, Bus charges. These are deducted Bi-Monthly.
When we were in Hyderabad it was almost 20% of the monthly income used to go for rent. Now somewhat less but now we are living 65kms from Chennai where as in Hyderabad we used to one of bussiness centres. Still Hyderabad rentals are low compared with Bangalore & Chennai.
