House Rentals In Navi Mumbai In Q1 2023 : Trends & Prices
House Rentals In Navi Mumbai : For the months of January through March in 2023, rents of homes in Navi Mumbai tend to cost between INR 10,000 and 20,000 per month. Overall, the rental demand in Navi Mumbai increased by 5.5% in the first quarter of 2023, while the supply (current listings) significantly decreased by 19%.
Market Dynamics of House Rentals in Navi Mumbai
| Parameters | QoQ Change |
| Demand | 5.5% |
| Supply | -18.8% |
| Rent | 1.4% |
2BHK Flat For Rent In Kharghar
Major Real Estate Trends in Navi Mumbai
- In the first quarter of 2023, Navi Mumbai had a 5.5% increase in rental demand and a substantial 19% decline in supply (active listings). The median rent increased by 1.4% QoQ.
- Due to their closeness to several job centres and the Central Business District (CBD) Belapur, Kopar Khairane and Kharghar have remained to be the most popular neighbourhoods for rentals.
- The highest demand (61%) and supply (58%) for unfurnished houses were found in Navi Mumbai out of the 13 cities studied.
House Rentals in Navi Mumbai- Overview
Notes:
Demand depicts the number of property searches made on the navimumbaihouses.com website during the first quarter of 2023, broken down by bedroom, hall, and kitchen (BHK) arrangement.
The most desired properties cost INR 10,000–20,000 per month.
In Navi Mumbai, 33% of tenants looked for 1-bedroom apartments, while 50% looked for 2-bedroom homes. The supply also followed this pattern, with 27% of listings for 1 BHK flats and 54% for 2 BHK units. 50% of tenants indicated a preference for small homes (500–1,000 square feet). But with a 44% share, mid-sized properties (1,000-1,500 sf) dominated the supply.
Properties with a monthly rent between INR 10,000 and 20,000 looked to be the sweet spot for most renters in Navi Mumbai, accounting for 40% of the total demand during Q1 2023.
Average house rentals in Navi Mumbai’s top searched localities
Table showing average house rentals in Navi Mumbai’s top searched localities:
| No. | Locality | 2 BHK Rent | 3 BHK Rent |
| 1 | Kharghar | 20,000 | 29,000 |
| 2 | Kopar Khairane | 25,000 | 36,000 |
| 3 | Seawoods | 31,000 | 44,000 |
| 4 | Panvel | 13,000 | 19,000 |
| 5 | New Panvel East | 16,000 | 23,000 |
| 6 | Ghansoli | 25,000 | 36,000 |
| 7 | Kamothe | 14,000 | 20,000 |
| 8 | Airoli | 27,000 | 39,000 |
| 9 | Vashi | 30,000 | 43,000 |
| 10 | Ulwe | 11,000 | 16,000 |
| 11 | Nerul | 30,000 | 43,000 |
| 12 | New Panvel | 13,000 | 19,000 |
Note: Monthly average rentals for unfurnished 2BHK (900 sf) and 3BHK (1,300 sf) apartments are given for the most popular search locations.
3 Months Outlook for House Rentals in Navi Mumbai
In the next three months, demand for property rentals in Navi Mumbai is anticipated to rise while availability is most likely to decline. However, it is anticipated that rental rates will not change.
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