Where To Rent A Home In Chennai?
Chennai has over the years witnessed an influx of migrant population from nearby cities has owing to the rise of manufacturing and IT hubs in and around the western and southern parts of the city. This has paved the way for a consistent demand for rental housing across the. However, there are few localities lying close to the employment hubs and educational institutes that are more in demand than others.
So, if you are an investor looking at earning rental income, we list top five in-demand localities for you based on the data available with Makaan.com:
Locality Score: 8.2
Average price: Rs 6,864 per sq ft
Average rent: Rs 32,000 per month
Located on the southern side of the city, Thoraipakkam is situated on the Old Mahabalipuram Road. Known for various IT hubs, the entire stretch of the OMR has many paying guest accommodations, co-living spaces and student-housing options.
Property profile: According to data available with Makaan.com, most of the apartments in Thoraipakkam OMR are available in 3BHK and 2BHK configurations. Few villas or independent homes are also available for rent at a starting cost of Rs 65,000.
Locality score: 9.4
Average price: Rs 13,052 per sqft
Average rent: Rs 28,477 per month
Mylapore is one of the prominent neighborhoods in south Chennai where most of the tourist places are located. It is also well connected to the main city through public transport, including bus services and suburban train network.
Property profile: According to Makaan.com data, most of the units here are in 2BHK category. Apart from apartment projects, this area also has builder floors which are in demand as these are comparatively spacious.
Locality score: 7.6
Average price: Rs 4,595 per sqft
Average rent: Rs 25,000 per month
Sholinganallur is located on the IT corridor of the city which also makes it an area of economic importance. The place has seen major development as the Tamil Nadu Housing Board came up with satellite township in the area. This was followed by private project development which changed the locality profile. Soon, the Chennai Metro will also pass through this locality. Line-V of the Chennai Metro will run between Sholinganallur and Madhavaram. This will further boost the market.
Property profile: According to Makaan.com data, most of the units here are in 3BHK and 2BHK configurations. There are few independent units in the area available for rent as well.
Locality score: 7.5
Average price: Rs 8,000 per sq ft
Average rent: Rs 15,000 per month
This is another locality in south Chennai, close to Velacherry, which is quite popular among the migrant population. With great connectivity through public buses and local train network, Adambakkam is one of the most preferred areas for renting apartments in Chennai as there are a number of new ready to move projects in the locality.
Property profile: According to the Makaan.com data, most of the units here are in 2BHK category, followed by 1BHK. This area is also famous among student crowd because of its proximity to educational institutes etc.
Locality score: 9.2
Average price: Rs 7,295 per sqft
Average rent: Rs 21,401 per month
This is one of the prime locations close to Chennai’s IT corridor offering quality housing options in the area along with better infrastructure and social amenities. The area has a number of new projects available here which makes it an obvious choice among families that are looking for new and bigger homes to live.
Property profile: According to Makaan.com data, 2BHKs are the most popular here, followed by 3BHKs.