About The Robust Double-Digit Growth In The Mumbai Rental Housing Market
Mumbai Rental Housing Market- There is a good chance that the Mumbai rental housing market will see a shift in the demographics of tenants, better rental returns, and a need for larger apartments.
Mumbai, widely acknowledged as the leading financial and commercial centre of India, plays a pivotal role in the country’s economic strength. It attracts driven people from all over the nation, creating a vibrant and varied community. The demand for rental accommodation has expanded in tandem with the city’s rising population and future expansion. Renting continues to be a popular choice for housing in the city because of its affordability, advantages for mobility, cost-effectiveness, and lack of obligations related to owning a home.
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Inclination Towards Renting
Mumbai is a popular real estate destination that combines opportunity and luxury. With their high yields and sophisticated urban lifestyles, the city’s residential attraction spans from its prestigious neighbourhoods like Bandra & Andheri to its burgeoning suburbs like Thane & Navi Mumbai.
Due to the concentration of major commercial activity in the city’s key districts, such as Andheri, Nariman Point, and Bandra-Kurla, these areas naturally command the highest property rates or rents in the nation, with prices for purchases reaching up to INR 100,000/sqft and rentals exceeding INR 150,000 per month.
The median rental ranges of Mumbai MMR micro-markets
| Micro-markets | Average Rental Ranges (per month) |
| Navi Mumbai | INR 30000-35000 |
| Mumbai West | INR 50000-55000 |
| Thane | INR 30000-35000 |
| Mumbai South | INR 155000-160000 |
| Mira Road Vasai-Virar | INR 20000-25000 |
| Mumbai Harbour | INR 75000-80000 |
| Kalyan-Dombivli-Bhiwandi Belt | INR 25000-30000 |
| Central Mumbai | INR 70000-75000 |
Due to the high cost and rental yield of these coveted micro-markets, then, the desire for real estate ownership has spread to ancillary locations like Thane, Kalyan-Dombivli, Vasai-Virar, Mira-Bhayandar, & Navi Mumbai. Property values between INR 1-3 crores have noticeably increased as a result of the increase in housing demand in these areas. Due to this, a lot of moving experts are choosing to use rental properties instead of buying new ones because they are more affordable.
One other distinctive contributing factor that makes Mumbai stand out is the rise in post-pandemic reconstruction initiatives. During the development phases of these projects, residents frequently find themselves in need of rental homes for a few years. In comparison to the 76 projects sanctioned between April 2019 and March 2020, the Maharashtra Housing & Area Development Authority (MHADA) approved 159 redevelopment projects between April 2021 and August 2022. This is a significant increase. In contrast to the relatively modest yearly increase of 7–8% in house prices, rental prices have experienced sustained double-digit growth as a result of this spike in demand.
Popular Neighbourhoods in the City
Due to their close proximity to important business hubs and superior connectivity, locations like Andheri East, Andheri West, Powai, Thane West, & Airoli have a concentrated demand for rentals, according to analysis of rental patterns.
The Mumbai Metropolitan Region (MMR) currently has median rentals ranging from INR 60,000 to INR 65,000 per month. Although the price-to-rent ratio in downtown Mumbai is still high at 47, it is comparable to ratios found in southern cities like Bengaluru & Hyderabad and falls between 25 and 30 in nearby districts like Thane and Navi Mumbai.
Increasing Preference for Larger Homes
In Mumbai’s rental market, there has been a discernible change in tastes recently regarding apartments. While 1 BHK and 2 BHK apartments are still the most popular choices, since 2020. There has been a discernible rise in demand for 4 BHK and larger units. This tendency is driven by a number of causes. Such as altering lifestyles, greater discretionary income leading to a preference for more personal space, and hybrid work arrangements. The rental market will be significantly impacted by this change. Since there will likely be a greater demand for larger flats, higher rental yields, and a change in the demographics of tenants.
Conclusion
Mumbai’s post-pandemic rental market is booming, thanks in part to returning professionals. Who need larger living quarters because of their hybrid work arrangements. Even though rental yields are declining globally, recent rent rises present investors with encouraging returns. Rents in the city core are still the highest in the country. But there is a noticeable shift towards the outskirts as a result of affordability issues. The market will be resilient in large part due to shifting desires for personal space. A shortage of ready-to-move-in homes, and strong investment possibilities. Mumbai’s established infrastructure, stable economy, expanding population, and standing as a financial centre and developed residential market will all contribute to the city’s continued need for rental accommodation in the future.
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