Why Is There Such a Strong Demand For 2 BHK Rentals In Mumbai?
2 BHK Rentals In Mumbai : According to Navimumbaihouses rental index, Mumbaikars prefer to rent 2 BHK homes, accounting for 42% of overall rental demand in the Mumbai real estate market’s residential segment.
According to Navimumbaihouses research, the second biggest demand is for 1 BHK units, which account for 31% of total demand, followed by 3 BHK units at 23% and larger houses (more than 3BHK) accounting for only 7%.Why is there such a strong demand for 2 BHK rentals in Mumbai?
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According to rental index, Mumbaikars prefer to rent 2 BHK homes, accounting for 42% of overall rental demand in the Mumbai real estate market’s residential segment.
According to research, the second biggest demand is for 1 BHK units, which account for 31% of total demand, followed by 3 BHK units at 23% and larger houses (more than 3BHK) accounting for only 7%.
Why Are There Two BHKs?
“Mumbai is a costly city, and most people can’t afford to buy a home there. Thus, they choose for rentals, and young Indians prefer renting because it allows them to change jobs between locations,” said Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix, a real estate analytics company.
He went on to say, “Aside from that, residential rental demand in Mumbai is increasing as the city undergoes extensive reconstruction of existing societies. All of these residents have moved to temporary rental homes, resulting in an increase in rental demand. Furthermore, office hubs in Mumbai are concentrated in specific areas, such as Andheri, Bandra, and Lower Parel. Many senior personnel want to live close to their offices, therefore rental demand for property around major office centers is Gupta said why people like 2 BHK the most: Not only in Mumbai, 2BHK sells and rents the most in India, for two main reasons: 2BHK is inexpensive, and 2BHK suits a family of four, which is generally the case.”
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Weak Rental Demand in the Third Quarter of FY24
The rental demand quarter on quarter (QoQ) in the October to December 2023 quarter decreased by around 17 percent; however, year on year (YoY), the demand in the Mumbai rental market increased by only 1 percent. On the supply side, there is a 0.7 percent QoQ decrease and a 12 percent YoY increase. Rentals, on the other hand, have climbed by 0.1 percent QoQ and 16 percent year on year.
Overall, the report revealed a robust 17.4 percent YoY increase in rents in India’s top 13 cities, with the highest in Gurugram (31.3 percent YoY), Greater Noida (30.4 percent YoY), Bengaluru (23.1 percent YoY), Mumbai (over 16 percent), Navi Mumbai (over 16 percent), Thane (17 percent), and Pune (16 percent), among others.
Rental Registrations in Mumbai
On a monthly basis, the Maharashtra government registers approximately 25,000 rental agreements, also known as leave and license agreements, within Mumbai’s city borders. For example, there were 26,379 rental agreements registered in January of this year, 27,494 in December 2023, and 25,211 in November.
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