Yes, Chennai has affordable rentals 2BHK apartments within a monthly rent of Rs 5,000-10,000. It is located on the GST Road, Urapakkam has been the place for IT professionals working in and around the area. A 3BHK apartment rentals is in between Rs 8,000-10,000 per month.
@Vivek: Madipakkam has also carved a niche in the rental accommodation segment. Apartments of 850-1000 sq ft are available in the range of Rs 8,000-10,000 per month. However, if you have a furnished apartment, then you may have to shell out upto Rs 12,000-15,000 per month.