Property Rent Rates & Price Trends in Chennai - 2018
Among the southern cities of India, Chennai has carved a niche for its IT/ITes, manufacturing and industrial units that are avenues for employment for many in and around the city. Due to the presence of various prestigious educational institutions, jobs and investment opportunities, the city has received considerable recognition from locals as well as NRIs. NRIs settled in other countries are keen to invest in the city due to the growth potential. Likewise, there is a large headcount of migrant workforce as well. Hence, demand for rental properties is high even though the capital market may just be recovering.
If you are looking at apartments on rent or trying to understand the potential of an investment for rental returns, read this:
In Chennai, 2BHK and 3BHK properties are almost equally popular. Out of the 2260 properties listed for rent in Chennai, 748 are 2BHK units while 824 are 3BHK units. In a slow market, properties on rent can generate more demand compared to the capital market. Rental properties are in the price range of Rs 3,000 to Rs 6 lakh per month.
Affordable properties on rent
If you are looking at affordable properties on rent within Rs 20,000 per month, you could get 1BHK, 2BHK as well as few 3BHK units on rent in select location. Saligramam, Perumbakkam, Kilpauk, Avadi, Kelambakkam, Uthandi, Thoraipakkam, Anna Nagar East are some of the areas. You could also go with 1RK, 1BHK properties in Triplicane, Kodambakkam, Nallambakkam, Guduvancheri, East Tambaram which are priced within Rs 10,000 per month. Affordable properties on rent in Chennai are fast moving especially among single working professionals and migrant students.
Top localities for rent
Localities become popular for a lot of reasons such as – huge supply, exceptional demand, proximity to job centres and the like. Some popular localities with appreciable liveabililty quotient and lifestyle include Thiyagaraya Nagar, Purasaiwakkam, Alwarpet and Choolaimedu. You can find 1RK, 1BHK, 2BHK, 3BHK and bigger configurations in these localities of Chennai.
Fully furnished rental homes
Some tenants look for fully furnished homes even if it costs them a bit higher than unfurnished or semi-furnished homes on rent. It helps them cut down on the hassle of shifting with furniture and fittings. There are over 300 fully furnished units on rent in Chennai in the price range of Rs 7,000 to Rs 3 lakh. You can look for the high-end properties on rent in Boat Club Road, Uthandi, Vettuvankeni, Injambakkam, Adyar among others. Affordable villas and independent homes can be found in Anna Nagar West, Velachery, Padur, East Tambaram etc. Check out the full list of furnished homes on rent in Chennai.
Luxury properties on rent
You can look for luxury properties on rent in Chennai in localities like Nungambakkam, Boat Club, T Nagar, Uthandi, Greenways Road, Alwarpet, Kilpauk, Vettuvankeni, Egmore, Neelankarai among others. Luxury rental properties herein are priced above Rs 1 lakh per month.
Villas/independent properties on rent
Villas and independent homes on rent in Chennai make for a luxurious stay. Often, corporate offices take villas on rent where they house their expats or guests for a short to long term also take most of them. Thus, those looking at earning handsomely through rents can also bank on such accommodations. Neelankarai which boasts beach houses is one such popular locality.
Rental yield in Chennai
Rental yield in Chennai city is 3.998334 percent. Although this may vary across localities and property types, on an average, residential properties on rent can help you recover 3.998334 percent of the property cost.
Top localities for rent in Chennai with maximum supply
- In North Chennai, Anna Nagar West Extension, Kilpauk and Arumbakkam are localities you can bank on.
- In West Chennai, Iyyappanthangal, Porur and Alwarthiru Nagar have maximum properties on rent.
- In South Chennai, Panayur, T Nagar and Vettuvankeni have ample amount of properties on rent.
- In Central Chennai, Nungambakkam, Alwarpet and Egmore are top localities you can consider as a tenant.
|Locality Name||Rental Rates|
|1 BHk||2 BHK||3 BHK|
|Rent range||Avg rent||Rent range||Avg rent||Rent range||Avg rent|
|Kelambakkam||-||-||-||-||10,000 - 30,000||18,888.89|
|Medavakkam||9,500||9,500||12,000||12,000||16,000 - 18,000||17,000|
|Sholinganallur||6,500 - 17,500||14,200||13,000 - 35,000||22,527.78||19,000 - 50,000||29,11.63|
|Padur||-||-||16,500 - 18,000||17,250||15,000 - 38,000||20,882.35|
|Pallikaranai||14,000||14,000||12,000 - 27,000||18,000||17,000 - 25,000||21,750|
|Urapakkam||-||-||8,000 - 16,500||11,166.67||8,000||8,000|
|Pallavaram||5,500||5,500||14,000 - 26,000||19,200||16,000 - 25,500||21,318.18|
|Thoraipakkam OMR||10,000||10,000||20,000||20,000||19,000 - 80,000||36,878.79|
|Mogappair||-||-||15,000 - 23,000||18,333.33||20,000 - 22,000||21,000|
|Poonamallee||6,500||6,500||14,000 - 22,500||18,375||14,000 - 22,000||18,000|
|Oragadam||5,000||5,000||8,000||8,000||14,000 - 16,000||14,666.67|
|Porur||8,500||8,500||9,500 - 12,000||10,750||16,000 - 35,000||26,71.43|
|Navallur||-||-||16,000 - 20,000||18,000||15,000 - 2.1 L||39,615.38|
|Adyar||10,000 - 20,000||16,666.67||17,000 - 25,000||21,750||25,000 - 37,000||32,000|
|Kolathur||40,000||40,000||14,000 - 25,000||19,500||-||-|
|Perambur||-||-||15,000 - 21,000||18,000||23,000 - 25,000||24,000|
|Madipakkam||8,000 - 12,500||10,250||10,000||10,000||18,000 - 20,000||18,666.67|
|Nungambakkam||16,000||16,000||20,000 - 35,000||26,545.45||55,000||55,000|
|Kovilambakkam||-||-||15,000||15,000||18,000 - 19,000||18,333.33|
|Revathipuram 5th Street||-||-||-||-||-||-|
|Ambattur||-||-||7,000||7,000||20,000 - 25,000||22,500|
|East Tambaram||8,000||8,000||8,500 - 14,000||11,750||11,900 - 12,150||12,37.5|
|Vandalur||-||-||-||-||10,000 - 15,000||12,500|
|Velachery||9,000 - 10,000||9,500||11,000||11,000||18,000||18,000|
|Thaiyur||6,000||6,000||5,500||5,500||9,000 - 18,000||12,200|
|Ponmar||6,000 - 7,500||6,750||10,000||10,000||-||-|
|Potheri||-||-||6,000 - 12,750||9,375||6,000 - 25,000||15,000|
|Perungudi||4,500||4,500||19,000||19,000||18,000 - 40,000||32,222.22|
|Mahindra World City||-||-||-||-||-||-|
|Iyappanthangal||16,500 - 20,800||18,650||10,000 - 40,000||25,500||30,000 - 35,000||31,714.29|
|Perungalathur||-||-||10,000 - 11,000||10,500||12,500||12,500|