House Rent Increased In Twin Cities by 20% in Six Months
Pakistan is facing the problem of rising inflation and this can be observed by the increase in house rents in the Twin Cities. House rents in twin cities have increased by 20% in the past six months only.
According to a survey conducted by APP, the House rents in twin cities are increasing exponentially adding to the problems of an already inflation-stricken nation. Many people across the two cities are living on rent and they are appalled by the sudden increase in rents.
According to the Urban Consumer Price Index (CPI), house rent was at the top of the list weighing at 19.26 in the first month of 2022. These rents usually increased during the winter but they dropped once the season was over because of the migrants coming in from Hilly Areas.
There is a supply and demand constraint as the available houses are 150,000 units whereas the demand is more than double the available units. This is the reason that the people demand ferocious amounts in house rents.
There is a clear demand in the market but the soaring prices of the construction material are making it difficult for investors to construct new units. This demand can only be met if new housing units are built to meet demand.
It is expected that the house rents are going to increase in the coming days as well. All the areas in the Twin Cities are struck by these increases in rents including the newly built housing societies.
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