Demand For Rental Homes In Navi Mumbai Rises 22% (Apr-Jun 2023) : Research
The demand for rental homes in Navi Mumbai significantly increased during the second quarter of 2023 (April to June), while the following growth in supply was only 6.2% higher. The average rental prices for homes increased as a result, rising 7.3% QoQ, the second-highest rise, and seeing an increase.
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Rental Homes In Navi Mumbai : House Rental Market Dynamics
| Parameters | QoQ Change |
| Demand | 21.8% |
| Supply | 6.2% |
| Rent Rate | 7.3% |
Key Trends in the Navi Mumbai Housing Market
The rental market in Navi Mumbai had a notable increase in demand (searches) during the second quarter of 2023 of 21.8% QoQ and an increase in availability (listings) of 6.2%. Rents on average increased 7.3% QoQ, which was the second-highest rise.
Due to their proximity to Central Business District (CBD) – Belapur, Kharghar, Kopar Khairane, and Panvel continued to be the most searched neighbourhoods in Q2 2023.
In the most sought-after neighbourhoods, the average monthly rent for a 2 BHK flat is between INR 20,000 and 26,000, while the range for 3 BHKs is between INR 29,000 and 37,000.
Notes:
Demand is the breakdown of property searches made on the navimumbaihouses website during the second quarter of 2023 by the BHK (Bedroom, Hall, Kitchen) combination.
More people prefer affordable 1 and 2 BHK flats in Navi Mumbai.
- Each of the demand and supply for two bedrooms accounted for 48%, with one bedrooms coming in close behind at 41% and 38%, respectively.
- Tenants in Navi Mumbai choose apartments with cheaper rentals (INR 10,000–20,000), which account for 50% of demand. These properties account for 41% of the supply’s market share.
- Properties with a unit size of 500 to 1,000 square feet had a 51% demand share and a 54% supply share, respectively.
- Unfurnished flats were in the highest demand and most plentiful supply, with 61% and 48% of all available units, respectively.
Average House Rent in top searched localities of Navi Mumbai
The below table shows the average rent rates in top searched localities of Navi Mumbai over Apr-Jun 2023
| No. | Locality | 2 BHK Rent | 3 BHK Rent |
| 1 | Kopar Khairane | 26,000 | 37,000 |
| 2 | Kharghar | 20,000 | 29,000 |
| 3 | Panvel | 13,000 | 19,000 |
| 4 | Kamothe | 14,000 | 20,000 |
| 5 | Seawoods | 31,000 | 45,000 |
| 6 | New Panvel | 14,000 | 20,000 |
| 7 | Ghansoli | 24,000 | 35,000 |
| 8 | Airoli | 27,000 | 40,000 |
| 9 | Nerul | 30,000 | 44,000 |
| 10 | New Panvel East | 15,000 | 22,000 |
| 11 | Vashi | 30,000 | 43,000 |
| 12 | Ulwe | 11,000 | 16,000 |
3 Months Outlook of Rental Market in Navi Mumbai
In Navi Mumbai, the balance between supply and demand is anticipated to increase. The cost of renting a home is also anticipated to climb.
3 Months Outlook
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