Top 5 Rental Destinations in MMR during Third Quarter

Mumbai witnesses good supply of apartments every year. But many people including immigrants cannot afford to buy these as they are exorbitantly priced. Hence, they prefer to stay in rental accommodations. According to data from CommonFloor, there are a good number of apartments available for rentals. One may classify rental accommodation across various parameters such as availability of apartments, the type of housing units and the average monthly rental.
The following areas are the top five areas in terms of availability of housing units in the 1, 2 and 3BHK configurations during the third quarter of 2014.

Peripheral Mumbai leads the way

When it came to availability of lower housing configurations such as 1 and 2BHK units, Mira Road and Kharghar witnessed the maximum number of apartments. Mira Road is just beyond Dahisar, a western suburb of Mumbai. Mira Road witnesses a good number of rental accommodation due to affordable rentals compared to the western suburbs of Mumbai and its proximity to the prominent business areas of Mumbai. However, since the land values are higher in Mira Road compared to other parts of Navi Mumbai and Thane, there are more 1BHK apartments than other configurations.

Similarly, Kharghar witnesses a good number of lower configuration apartments as it lies in the industrial region of Navi Mumbai. As a result, people who prefer to stay close to their work location look for rental accommodation in the area. Since the prices are more affordable in the area, it witnesses more 2BHK apartments than 1BHK apartments for rental. Dombivli East is another upcoming area just beyond Thane that witnesses a good number of 1BHK apartments for rent.

As one moves more towards the western suburbs, the availability of smaller size apartments reduces due to less affordability. However, Kandivali East and Goregaon East offer a number of 1 and 2BHK units. Ghodbunder Road, which connects the eastern suburbs and Thane West to the western suburbs sees lesser rentals as more people prefer to buy property here.

When it comes to 3BHK apartments, Kharghar continued to witness a good number of units for rent due to its affordability. Andheri East too witnessed a good number of apartments for rent. However, the demand for rentals is usually witnessed by the higher middle-class income group. Kandivali East and Mira Road too offer 3BHK units. However, most of the projects available in the areas are restricted to 1 and 2BHK units. Chembur was one of the areas that witnessed a decent number of rental apartments during Q3.

The following table gives the top 5 rental destinations according to the availability of apartments.