Mumbai House Rentals Demand Will Rise 15% Between April & June 2023
Mumbai House Rentals Demand- Mumbai’s housing rental demand (searches) & supply (listings) increased by 14.9% and 7.7%, respectively, in April to June 2023. The average rental rate did, however, experience a 0.1% decline over the previous quarter.
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Residential Rental Market Dynamics in Mumbai
| Parameters | QoQ Change |
| Demand | 14.9% |
| Supply | 7.7% |
| Rent | -0.1% |
Demand: alteration in the number of real estate searches
Supply: alterations in the number of active listings
Rent: Variation in the median rent for fully, partially, and unfurnished properties
Key Trends for House Rentals in Mumbai from April to June 2023
- Mumbai’s QoQ rental demand (searches) & supply (listings) increased by 14.9% and 7.7%, respectively, in Q2 2023. The average rental rate experienced a 0.1% QoQ decline at the same time.
- Due to their proximity to important employment centres and metro accessibility, Andheri East & Andheri West are among the most popular neighbourhoods in Mumbai among tenants.
- The typical monthly rent in the most sought-after neighbourhoods ranges from INR 51,000 to 63,000 for a 2 BHK flat and from INR 73,000 to 91,000 for a 3 BHK.
Tenants favour small sized apartments in Mumbai
- The largest demand and supply for rental homes in Mumbai are found in the range of INR 20,000 to 30,000, or 32% and 23%, respectively.
- Tenants have a definite preference for smaller unit sizes (500–1,000 square feet), with a share of demand of 60%.
- The demand share of about 40% suggests that Mumbai tenants favoured unfurnished rental properties.
Average House Rent in Mumbai’s most popular neighbourhoods
Table displaying the typical rent in Mumbai’s most popular neighbourhoods in Q2, 2023.
| No. | Locality | 2 BHK Rent | 3 BHK Rent |
| 1 | Worli | 1,12,000 | 1,61,000 |
| 2 | Andheri East | 51,000 | 73,000 |
| 3 | Andheri West | 63,000 | 91,000 |
| 4 | Bandra West | 94,000 | 1,35,000 |
| 5 | Kandivali West | 36,000 | 53,000 |
| 6 | Goregaon East | 51,000 | 74,000 |
| 7 | Mira Road | 22,000 | 32,000 |
| 8 | Malad West | 44,000 | 63,000 |
| 9 | Santacruz West | 82,000 | 1,18,000 |
| 10 | Kanjurmarg East | 40,000 | 58,000 |
| 11 | Chandivali | 49,000 | 71,000 |
| 12 | Powai | 55,000 | 79,000 |
Three-Month Rental Market Forecast
While the rental rates are probably going to see a modest decline, demand and supply are predicted to show an increase trend.
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