Where Is Mumbai Renting?

Where Is Mumbai Renting?

Where Is Mumbai Renting?
(Dreamstime)

If not tectonic, the perception of property ownership in India has undergone a sea change. We are well aware of India’s insatiable love for real estate, but, in today’s India, people are quite open to the concept of renting, too. Because of its obvious benefits, renting is in vogue among today’s young population. In a city such as Mumbai, for example, renting provides you with an option to actually live in homes that one cannot otherwise afford. Speaking of Mumbai, let us check out what are the localities where Mumbai wants to live. Let us also find out which are the areas that have the biggest rental supply.

Most people in India’s financial capital are looking for rented homes in Thane West. According to Makaan.com, this is the most searched-for locality among tenants. With per square foot (psf) rate of Rs 11,900, the locality is not really affordable for a young buyer. However, this buyer can be a tenant of this locality by paying an average monthly rent of Rs 21,000. Data show Thane West is also the locality from where the highest number of rental properties is listed on Makaan.com. Incidentally, Thane West is also the most sought-after locality among buyers. From this area, the highest number of properties is also listed for sale on Makaan.com.

Next top choices among Mumbai renters are Andheri West and Kahraghar. However, there is a remarkable difference between the average rents in these two localities. While average monthly rent at Andheri West is Rs 85,500, average monthly rent at Kharghar is Rs 20,000. It is worth mentioning here that while demand for rented homes is quite high in Andheri West, the supply does not compliment it so far — Andheri West is nowhere among the 11 top rental stock supplying localities in Mumbai. The story of Kharghar is different. In the supply list, this locality occupies the second place in the list.

Where else does Mumbai want to rent homes?

Other localities where renters are looking for homes include Kalyan West, Andheri East, Airoli, Goregaon East, Powai, Bandra West, Malad West and Mira Road East.         

Here is how much you have to pay to stay in these localities of your choice:

Locality

Average monthly rent (in Rs)

Kalyan West

11,500

Andheri East

45,000

Airoli

18,800

Goregaon East

55,600

Powai

65,300

Bandra West

Over 1 lakh

Malad West

37,000

Mira Road

15,000

 Where is the stock?

After Thane West and Kharghar, the highest number of units available for renting is concentrated in Chembur. This locality has a livability of 9.8 on a scale of 10, and a tenant has to shell out an average monthly allowance of Rs 49,000 to rent a unit here. Other localities where renters will find plenty of options to pick from include Mira Road East, Powai, Kandivali East, Goregaon East, Chembur East, Ulwe, Bandra West, and Virar.

Here is how much you have to pay to in case you choose these localities:

Locality

Average monthly rent (in Rs)

Mira Road East

As mentioned above

Powai

As mentioned above

Kandivali East

28,800

Goregaon East

As mentioned above

Chembur East

54,800

Ulwe

7,900

Bandra West

47,000

Virar

5,900

Note: The analysis is based on data available with Makaan.com.

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