Mumbai's Western Suburbs See Sharp Rise in Residential Rentals Amidst High Demand
Rental growth across premium gated societies in Mumbai has cooled down to 5-9% in 2024 after a growth of almost 50-60% in the last two years between 2021-23.
MumbaiWestern SuburbsResidential RentalsReal EstateHousing MarketReal Estate MaharashtraSep 25, 2024
Industry experts have weighed in on this growing trend, citing various factors such as the influx of professionals, the city's expanding infrastructure, and the development of premium housing projects. Developers feel this shift is reshaping Mumbai's rental landscape, creating opportunities for both developers and investors.
According to data shared by Zapkey.com research, rental growth across premium gated societies in Mumbai has cooled down to 5-9% in 2024 after a growth of almost 50-60% in the last two years between 2021-23.
A 3 BHK apartment in Malad East along the Western Express Highway near the Metro station, which was available on rent for Rs 55,000 per month in 2021, went up to Rs 85,000 per month in 2023, while in 2024 the rentals were at Rs 87,000 per month.
Commenting on the trend, Shraddha Kedia-Agarwal, Director, Transcon Developers, noted, “The rise in rental prices in Mumbai’s western suburbs is a direct reflection of the demand for modern, well-equipped homes. The area's connectivity, proximity to commercial hubs, and lifestyle amenities has made it an attractive choice for both locals and expatriates.”
Speaking from the demand perspective, Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, “We are observing increased demand from tenants looking for premium rental options in key western suburb localities. With the improved metro connectivity and infrastructure, this trend is likely to sustain.”
A 2 BHK apartment in a premium building of Borivali was available for a monthly rent of Rs 39,000 in 2021 and went up to Rs 58,000 in 2023. However, in 2024, that same building has 2 BHK apartments being offered for a monthly rent of Rs 65,000.
Dhiraj Mandal, Director of Mumbai Realtors opined, \
Frequently Asked Questions
What is the current trend in Mumbai's residential rental market?
The residential rental market in Mumbai's western suburbs has witnessed a sharp increase, driven by rising demand and limited supply of quality homes.
What are the factors contributing to the rise in rental prices in Mumbai's western suburbs?
Industry experts cite various factors such as the influx of professionals, the city's expanding infrastructure, and the development of premium housing projects.
How much has the rental growth cooled down in Mumbai in 2024?
Rental growth across premium gated societies in Mumbai has cooled down to 5-9% in 2024 after a growth of almost 50-60% in the last two years between 2021-23.
What is the expected trend in rentals in the coming years?
The upward trend in rentals is expected to continue, with experts forecasting further increase as new infrastructure projects are nearing completion.
What is the impact of redevelopment on narrow roads on the rental market in Mumbai?
The redevelopment on narrow roads has resulted in thousands of old and dilapidated societies going for redevelopment, creating a huge shortfall in rental housing and pushing rentals up by 30 to 50%.
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