Key Micro Markets in Mumbai Experiencing Surge in Demand For Rental Properties

Key Micro Markets in Mumbai Experiencing Surge in Demand For Rental Properties

There has been a recent uptick in the number of people looking for rental homes in many key micromarkets in Mumbai.

In the aftermath of the outbreak, there has been a surge of activity in the property market. As a consequence of the robust performance of the private sector economy, there has been an uptick in inquiries for tenancy in both commercial and residential properties.

Recent market figures show that the number of people searching for rental homes in India in 2022 increased by almost 30% from the previous quarter and  by almost a whopping 85% from 2021. In addition, the total number of rental properties listed across all 13 of India's mapped cities increased by 3% compared to the previous quarter and in excess of 28% compared to the same time period the year before.

Factors Resulting the Strong Rental property demand in Mumbai:

Price & Connectivity

The majority of individuals, when selecting between owning a property and renting, take into account the benefits and drawbacks of both options; nonetheless, infrastructure, connectivity, and cost are the factors that matter the most. It is more vital to have access to required services and be located in a convenient area than it is to have a spacious apartment that comes with a hefty price tag. Customers would prefer to purchase a home in an area that is desirable and that helps facilitate a good work-life balance by reducing the amount of time spent commuting, increasing the convenience of getting to the supermarket and other stores, and providing exciting opportunities for social interaction. Customers would also prefer to purchase a home in an area that is desirable and that helps facilitate a good work-life balance.

Due to the fact that Mumbai is one of the most competitive real estate markets in India, the cost of apartment rentals in the city might be rather high. As a result, micro-markets provide the average inhabitant of Mumbai the finest possible selection of available rental units to choose from when they are seeking for a new home to live.

A perfect melting pot

In addition to this, micro-markets are excellent settings in which to meet fascinating people from a wide variety of backgrounds and fields of study. In recent years, Mumbai has become the location of a remarkable number of institutions as well as headquarters for major organisations. Because of the large number of individuals who are actively seeking employment in the film and television industries, the information technology and fashion industries, and the many financial institutions that are headquartered here, rents tend to be much higher than the national average. People who are guided by their traditions and beliefs coexist in Mumbai alongside others who look up to and embrace the western culture and its way of life. Mumbai is one of the most dynamic and interesting cities in India because of its diverse population, which includes people who are led by traditions and beliefs. A number of new micromarkets consisting of persons who are actively looking for rental homes have surfaced as a direct consequence of the expansion of Mumbai's outskirts in recent years. Along the corridor that includes Mulund, Powai, and Chandivali, among other places, the demand for rental apartments has been on the rise for some time now.

A number of new developments

In order to establish cutting-edge developments and even whole townships that serve their residents with the best services possible, developers have been actively hunting for specialty niches in recent years. Because an increasing portion of our lives are now being led online, homebuyers in today's market come armed with their very own list of technological prerequisites. They choose technology for their smart homes that improve not just their level of comfort but also their quality of life. Apartments that come equipped with a variety of electronic devices, such as air conditioners, televisions, and other electronic devices, are in great demand among tenants. Rental properties would benefit greatly from include these fundamental amenities in their listings.

It is anticipated that the rental housing market in India would see exponential expansion over the course of the next two years as a consequence of the increasing rates of urbanisation, migration to metropolitan regions, and rising costs of home ownership. There will be a constant rise in the demand for rental accommodation, especially in critical micromarkets, as companies reopen and employees return to the city in droves, since this will bring the city's population back up to its pre-pandemic levels.