Property Rentals in Thane in Q1 2023
Property Rentals in Thane: For the months of January to March 2023, Ghodbunder Road and Thane West continued to rank among the top Thane neighbourhoods for rental home searches. Overall, the rental market in Thane had a QoQ (quarter on quarter) increase in searches of 5.2%, a reduction in supply (active listings) of 13.1%, and a QoQ increase in average rents of 0.5%.
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Market Trends for House Rentals in Thane
| Parameters | QoQ Change |
| Demand | 5.2% |
| Supply | -13.1% |
| Rent | -0.5% |
Major Real Estate Trends in Thane
- Demand (searches) for rentals in Thane increased by 5.2% on a quarterly basis, while supply (active listings) and average rent decreased by 13.1% and 0.5%, respectively.
- Due to their excellent accessibility and abundance of inexpensive options, Ghodbunder Road and Thane West continued to rank among the top search locations in the first quarter of 2023.
- The average monthly rent for a two-bedroom flat is roughly INR 22,000 in Ghodbunder Road and INR 26,000 in Thane West.
Renters Prefer Affordably Priced Properties in Thane
The majority of tenants (71%) looked for homes between 500 and 1,000 square feet (sf), yet only 61% of those homes were available.
The majority (53%) of renters looked for homes with monthly rates between INR 10,000 and 20,000, demonstrating their preference for affordable options. The supply of homes in this price range was only 36%, indicating a possible mismatch between tenant desires and the possibilities available.
Average House Rentals in Thane’s Most Popular Locations
| No. | Locality | 2 BHK Rent | 3 BHK Rent |
| 1 | Ghodbunder Road | 22,000 | 32,000 |
| 2 | Thane West | 26,000 | 37,000 |
| 3 | Kasarvadavali | 19,000 | 28,000 |
| 4 | Majiwada | 26,000 | 37,000 |
| 5 | Bhayandarpada | 19,000 | 27,000 |
| 6 | Hiranandani Estate | 30,000 | 43,000 |
| 7 | Pokharan Road | 31,000 | 44,000 |
| 8 | Manpada | 26,000 | 37,000 |
| 9 | Kolshet Road | 27,000 | 39,000 |
| 10 | Vasant Vihar | 27,000 | 39,000 |
| 11 | Vartak Nagar | 28,000 | 40,000 |
| 12 | Dombivli East | 13,000 | 19,000 |
Thane’s Housing Market Outlook for the Next 3 Months
In the next three months, demand for property rentals in Thane is anticipated to rise while availability is almost certainly going to decline. However, it is anticipated that rental rates will remain constant.
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