The house rents in Islamabad and Rawalpindi have surged manifold in the last six months, putting financial pressure on the already overburdened residents of the twin cities.

According to a recent survey, house rents in different areas of the twin cities have increased by more than 20% since October 2021.

Following areas of the twin cities were covered in the survey; Bhara Kahu, Ghauri Town, Media Town, Soan Garden, Jinnah Garden, PWD, Bahria Town, Gulzar-i-Quaid, Margalla Town, Shehzad Town, Chak Shehzad, Chatha Bakhtawar, Khayaban-e-Sir Syed, Satellite Town, British Homes, Gulraiz 1, and Gulraiz 2.

The survey has also quoted the Inflation Monitor Report (IMR) of the State Bank of Pakistan (SBP) issued in February. IMR had listed house rent as the top contributor to the urban Consumer Price Index (CPI), which stood at 19.26.

The report had noted that the house rents recorded an increase of 6.13% in February 2022 against an increase of 4.77% in the same month last year.

The IMR had also highlighted that the demand for urban housing is going up by 350,000 units annually. However, the housing industry is only adding 150,000 units each year.

Source: Pro Pakistan