KARACHI, Nov 20: Rates of rent for apartments and bungalows in several city areas have increased by 10 to 40 per cent.

The jump was said to be in line with the hike in property prices. Some estate agents attributed the hike in rent to shifting of families from vilence-hit areas to relatively safer  localities.

Although estate agents were divided over the percentage of increase, in posh city areas, the hike was seen in the range of 20 to 30pc. Some others believed that the hike was only in the range of 10 to 20pc during the last one year.

The areas where hike was in the range of 40pc, the property was either hired by schools, fast-food chains or commercial organisations depending on location, dimension, facilities and condition of bungalows. Such outlets always pay higher rents for bungalows.

A random market survey revealed that the rent value for a 240 square yards bungalow in Gulistan-i-Jauhar is Rs22,000 per month (ground or any floor) while for a renovated house, it is Rs25,000-20,000. A broker said that the area saw 20-25pc hike during the last one year.

In the same area, average price of rent for a 400 square yards complete portion is Rs28,000 a month while for a new bungalow, it is Rs32,000-35,000.

A two or three-room apartment carries a rent value of Rs12,000 and Rs14,000-15,000, respectively.

Similarly, in Gulshan-i-Iqbal, a two-room flat is available at Rs18,000 per month which was for Rs15,000 per month two years back.

According to Defence-Clifton Estate Agents Association, in Clifton, Bath Island, Frere Town and Civil Lines, a two-bedroom apartment is available on Rs25,000-Rs35,000 rent per month as compared to Rs15,000-Rs20,000 last year while a three and four-bedroom apartment in the same vicinity carries rent value of Rs45,000-60,000 and Rs70,000-75,000 as compared to Rs30,000-40,000 and Rs45,000-Rs50,000 respectively.

The association’s Clifton Zone vice president Abdul Wahab Parekh said that the rent value of a 1,000 and 2,000 square yards double storey commercial bungalows in Clifton is Rs400,000-Rs450,000 and Rs600,000-Rs800,000 per month as compared to Rs200,000-Rs250,000 and Rs300,000-Rs400,000 respectively.

School owners usually pay Rs1m rent for a 2,000 yards bungalow in Clifton.

In DHA, the rent value of a two bedroom or three bedroom apartment is Rs20,000-Rs25,000 and Rs35,000-Rs40,000 rent per month depending on facilities, location and areas as compared to Rs12,000-Rs15,000 and Rs20,000-Rs25,000 respectively last year.

Wahab said that the rent value of a 500 and 1,000 square yards double storey residential bungalows is Rs125,000-Rs150,000 and Rs225,000-Rs300,000 per month as compared to Rs80,000-Rs100,000 and Rs150,000-Rs200,000.

The rent of 2,000 square yards bungalow in DHA ranges between Rs600,000 and 800,000 as compared to Rs350,000 and Rs500,000 in 2011.

Raja Mazhar, senior vice president of Defence-Clifton Estate Agents Association, was of the view that rent value of bungalows rose by 10 to 20pc in the last one year in view of 25 to 30pc hike in property prices for bungalows or in case of plots, it was a 25pc hike.

However, he said rent in naval, air force or army’s housing schemes has gone up by 40pc owing to security and other facilities.

He said in Creek Vista, rent value of a three to four-bedroom apartment is Rs90,000 and Rs100,000-110,000.

Owners of Mohemmedi Estate at Khayaban-i-Badar DHA Phase V, Saeed Zulfiqar and Mohammad Afzal, said that as plots of 500 and 1,000 square yards are now available at Rs22.5 to Rs30m and Rs45.5 to Rs60m, one can estimate the value of bungalows.

They said after the increase in prices in 2011, a new 500 square yards double storey bungalow sells between Rs40 to Rs50m while the rate of an old bungalow hovers between Rs27.5 and Rs30m.

Similarly, a new 1,000 square yards double storey bungalow is priced at Rs80 to Rs110m while an old double storey bungalow is priced between Rs50.5 and Rs70m.

A double storey new and old bungalow carries rent value of Rs125,000 and Rs150,000 respectively, while a 1,000 square yards double storey bungalows rent value is Rs300,000 per month in case of a new property and Rs150,000-Rs250,000 for an old property. Mohammad Najib of Nazimbad Estate in North Nazimabad said a 240 square yards bungalow (old and new) carries rent value of Rs22,000-Rs30,000 (ground or any floor) as compared to Rs18,000-Rs24,000 two years back.

Similarly, consumers pay Rs30,000-Rs40,000 rent for a 400 square yards full portion as compared to Rs25,000-Rs30,000.

The rent for a 600 yards bungalow is Rs40,000 which was Rs32,000-35,000 two years back.

The rent value of a renovated bungalow is Rs50,000.

The average price of a two bedroom apartment is Rs10,000 (ground to second floor) and with parking and generator facilities, the rent is Rs15,000 per month, which is 25-30pc higher than two years back.

The rent value of a three bedroom flat is Rs20,000-22,000 while with facilities its rent value hovers between Rs24,000 and Rs25,000.