Demand for rental housing in Mumbai increases by 14% over the last 1 year.
Mumbai has witnessed an increase in demand for rental accommodation in the last 1 year. As compared to Jan-May 2010, the demand for rental homes from the city has gone up by 14% in Jan -May 2011 period.
The trend simply translates into the fact that increasing property prices are forcing Mumbaikars to shift on rent than to buy a property. The wait and watch approach amongst the property seeker is back, hence forcing them to postpone their property buying decision. Mumbai rental market has been traditionally driven by people to come to Mumbai looking for work and make Mumbai their base. The surge in rental over past year further cements the belief that Mumbai continues to attract talent from other states and cities in India.