INFLATION IN HOUSE RENT IN DHAKA CITY.

Price hike of daily used commodities is an alarming concern for the livelihoods in Bangladesh. The accumulated cost pressure of inflation is being tried to absorb as much as possible but it is not able to bring any hopeful result till now. The average inflation rate was 11.08 percent in Dhaka city at the end of 2022, according to Consumer Association of Bangladesh for which middle income people suffered the most.

The rate of inflation is increasing steadily over the periods which was around 6.15 percent in 2022 and reached to 8.64 percent in the first quarter of 2023, now it is almost 9.69 percent in the middle of the year. Although it is targeted to control the inflation at 7.5% in fiscal year 2023, the exceeding rate is difficult to minimize.

The startling inflation is badly affecting the house rent mostly in Dhaka city. The rent for flats or apartments which are commonly used for living against monthly payment is increasing staggeringly over the last few years. For example, a two or three bad apartment, 1050 square feet more or less in size which rent is over plus. In detail, rent for that apartment was around BDT12000 per month (including all utility charges in some cases) at the residential areas of Dhaka in 2013, but now there is hardly any apartment of that size available against a rent of less than BDT20000 excluding other charges that is too difficult to bear for the renters? Rentals are almost doubled over the 10 years period which has no compatibility with the growth of income yearly.

It is becoming hard to maintain the living expenses for all level of income-people specially for the middle and lower-level income people and so people are bound to cut off their other necessary comfort such as transportation, someone who used rickshaw for a short distance journey, he now chooses to go on foot to save.

Overall, people are suffering for the soared rentals in Dhaka city as much as they suffer for the price hike of other commodity like oil, gas, rice that’s why their living standard are dropping gradually.