The rent prices in real estate in Chennai, in the Tamil Nadu region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per sq.foot in Chennai has risen strongly during the last 6 months. In September, the average price per sq.foot was ₹ 17.4. In the following month the price per sq.foot rose considerably to ₹ 23.58. The price for the following two months in (November, December) had a considerable rise of 120 %. The price per sq.foot has had a considerable rise of 120 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.foot of ₹ 22.49 to ₹ 26.99 during January, and February.
When referring to the price in Chennai (cities), this has risen considerably in the last 6 months. The average price during our first sample month during September, is ₹ 15,399. During October the price went through a considerable rise reaching ₹ 34,813. During the following two months (November, December) the average price had a considerable rise of 123 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 142 % during the last two months.
The graph displaying the average rent price for BHK illustrates that those properties with 1 BHK are the most affordable ones. At a price of ₹ 40,265 they are 81 % more affordable than the average price for Chennai . The properties with the highest average price have 4 BHK, Their price is 167 % more expensive than the average. After that we have properties with 3 BHK priced at ₹ 24,519.
With regard to the average price per sq.foot, those properties with 2 BHK are the most affordable ones at a cost of ₹ 14.85 / sq.foot, with an average ₹ 29.6 / sq.foot price in Chennai. The properties with the most expensive average prices have 4 BHK. They are 6 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 17.8 / sq.foot.
The graph displaying the average rent prices displays the property type "Flat" as the most affordable one. At an cost of ₹ 40,265 it is 71 % more affordable than the average price in Chennai. "Land" is seen as the second most affordable property type. The most expensive property type is "Duplex" followed by "Villa". At a price of ₹ 1.16 lakhs it is 237 % more expensive than the average price.
According to the average cost per sq.foot, the most affordable property is "Flat" at an average price of ₹ 15.52 / sq.foot followed by "Land" priced at ₹ 17.65 / sq.foot. "House" is the most expensive type of property with a ₹ 72.86 / sq.foot value followed by "Villa" with an average price of ₹ 42.92 / sq.foot.