Curious About the Top Neighbourhoods for Renting in Mumbai? Check Our Insights

The vibrant metropolis of Mumbai beckons individuals from all corners of the country. As this thriving economic hub continues to expand, the demand for rental accommodation in Mumbai has soared as well. Renting remains a favoured housing choice in the city, primarily owing to its financial adaptability, advantages in terms of mobility, cost-effectiveness, and the reduced obligations linked to property possession. Although owning a home has its merits, the varied requirements and situations of people and households render renting a pragmatic and appealing option for a significant number. In recent times, the rental market has become more structured, thanks to online platforms that simplify the process of discovering suitable properties, finalizing agreements, and availing property management services.

Most searched online micro-markets in Mumbai

Certain localities have garnered greater attention from prospective renters, with Andheri East and Andheri West emerging as the top-searched regions on online platforms in 2023. These locations are followed by Malad West, Thane West and Chembur as the other frequently searched areas online.

While the Andheri region commands housing rentals in the range of INR 60,000 to INR 62,000 per month, the rentals in Malad West and Thane hover around INR 52,000 to INR 54,000 per month and INR 30,000 to INR 32,000 per month respectively. Besides these locations, popular online searches for rented accommodation include peripheral neighbourhoods such as Borivali West, Mira Road East and Virar West as well. These locations, understandably, have relatively lower rental values and are quoted within INR 24,000 to INR 26,000 per month.

Connectivity and proximity to employment hubs the key factors

Mumbai is renowned for its dynamic job landscape, where professionals frequently switch jobs and locations in their quest for career advancement.

Not surprisingly, all of the locations occupying top ranks in online search for rented accommodation are close to key business districts, offering convenient access to employment opportunities. For instance, Andheri and Malad, in themselves, are important office markets while another major office hub – BKC, lies in the vicinity.

More importantly, these localities provide easy accessibility through the Western line of the Mumbai suburban railway system to essential commercial, educational, and entertainment destinations, rendering daily commuting convenient.

Suburban neighbourhoods preferred more than Central Mumbai

Most of the online searches for rental housing are observed to be focussed upon the western and central suburbs, given the presence of strong office markets in BKC, Andheri and Malad. While Central Mumbai boasts of a prominent employment hub as well, the rental accommodation choices are relatively limited in the area owing to dearth of new construction, which, in turn, have led to higher rental values being charged. With Mumbai being known for its high property prices, apartments with smaller unit configurations are preferred for renting as they are generally more affordable compared to larger units. The average 1 BHK apartment in Central Mumbai commands rent in the range of INR 40,000 to INR 42,000 per month, accounting for a significant share of one’s monthly salary. Consequently, prospective renters turn to neighbourhoods such as Chembur for their housing needs.

Summing up

The rental accommodation market in Mumbai has been catering to the diverse needs of its ever-expanding population. As Mumbai's expansion and its appeal to a diverse population persist, the inclination toward rental housing stems from a blend of factors including cost-effectiveness, practicality, and convenient proximity to employment centres. Western and central suburban locations, in particular, stand out as preferred neighbourhoods due to their excellent connectivity, lifestyle amenities, and employment opportunities. In a city where careers are known to flourish, the rental accommodation market plays a vital role in providing a comfortable and convenient living experience for Mumbai's residents.

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