Over the last few decades, rapid urbanisation took place in Colombo. This attracted more migration from other cities for work, education and business purposes. As a result, the housing market experienced a boost, pushing prices up. Around the same time, houses for rent in Colombo increased in volume too. When it comes to houses for rent, Colombo is not new. In fact, this city holds a large number of expats as well. The popular tourism sector of Sri Lanka is also responsible for the growth in Colombo houses for rent, which includes guest houses in Colombo. This comes in the form of apartments for rent in Colombo, too. Most of these properties are fully air-conditioned and located in residential areas with car parks and easy access to amenities. They provide rooftop swimming pools and common recreational facilities to suit the modern home dweller. Galle Road is a popular area for houses for lease in Colombo and to find a fully furnished guest house in Colombo. Since properties for rent in Colombo district cover various cities, the rental prices can differ by a large margin.This is because some suburbs are more popular than the others.
House for sale in Colombo is an important property investment for locals. However, higher house prices encourage leasing. It is possible to find houses for rent in Colombo for 20,000 rupees to up to five-figure rentals. But the price may vary based on the area and the features. For example, a house for rent in Wellawatte or Colombo 6 would be much more expensive than one in Colombo 15 or 13. This is because of the demand for houses in this area. However, a house for rent in the outskirts of Kirulapone or Colombo 5 may be cheaper than a house in Colombo 10. Furnishing is another factor that affects the price of literally any property. A fully furnished house for rent in Colombo that is located in a residential neighbourhood with 5 bedrooms, attached bathrooms and a swimming pool in Battaramulla will be priced at Rs. 635,000 per month. While a 3 bedroom house for rent in Colombo 5 is available at Rs. 250,000 per month. There are plenty of unfurnished houses for rent in Colombo too, which are ideal for long-term uses. A wide variety of luxury houses for rent in Colombo as well as cheap houses for rent in Colombo can be easily found. This is not only because Colombo district is large but its real estate needs are addressed by a competitive property market. The location determines the demand for a house for rent or lease in Colombo. Even a small house for rent in Colombo can be expensive if it is in a prime location. A lovely house is located in a residential area, off Horton Place in Colombo 7. This property is the first floor of a two-story house with a large living room and 3 bedrooms. The rent is Rs. 160,000 monthly. It is possible to find a house for lease in Colombo within your expectations due to the large supply of houses.
The house rent in Colombo depends on the number of rooms as well. A 3 bedroom house for rent in Colombo can come at different values at different places. For instance, the rent of a house at Horton Place in Colombo 7 can be on the higher end of the market while a house for rent in colombo 9 or dematagoda kolonnawa can be cheaper. Single room houses for lease are also available in areas like Mattakkuliya or Colombo 15 and Colombo 3, 4, 5 and 6, where most corporate offices are located. These are ideal for students or professionals living in this city. There are also annexes with an attached bathroom that has hot water facilities and a well-equipped kitchen. The high rates of land for sale in Colombo leads to greater interest in houses for rent in Colombo. As this is a city of opportunities, many people want a house in Colombo even on lease. It is also not uncommon to find properties occupied both by residential and commercial uses here, especially if it is on a popular spot. The ground floor may be taken up as business space while the upper areas are rented by residents. Common spaces for these can be found in the forms of houses for rent in Colombo 12 and in areas like Colombo 8, Colombo 4 and Colombo 13. Large office buildings that offer 3,400 sq. ft. can be found in areas like Colombo 3 and this is perfect for landlords with large properties to generate high revenues. When it comes to renting a house, Colombo promises a lucrative landscape.