According to a survey conducted by the India Rent Report 2018 (Residential), Mumbai Metropolitan Region (MMR), witnessed 18 percent inflation in rental values in 2018, the maximum among five Indian cities. The average rental values in MMR increased to Rs 21,168 in 2018 from Rs 17,912 in 2017 followed by Chennai, Bangalore, Gurgaon and Pune which saw 15, 14, 11 and seven percent increase, YoY.
The report was filed after considering 2.5 lakh MMR-based properties’ data listed with a website. In terms of the amount of security deposit, Bangalore stood at the top with Rs 1.3 lakh, followed by Chennai with Rs 1 lakh and Mumbai Rs 89,850. Water supply (85 percent) remained the top priority of those who wished to stay in a rented accommodation in Mumbai, followed by security (76 percent), lift (61 percent), parking (48 percent) and swimming pool (20 percent).
The survey further revealed that 70 percent of the Mumbai-based tenants do not prefer brokerage, while 16 percent of them find accommodations through friends and family. As many as 20 percent of the tenants find rental homes through real estate portals while 12 percent take the help of agents/brokers. Despite dipping rental values and property values going up, 52 percent of the Mumbai-based tenants are wishful of owning a home in the city.
Gurgaon recorded the highest number of women trusting on online portals for hunting a home.
Regardless of the rent going northwards, tenants preferred to stay in 2 BHK and 3 BHK apartments in 2018 compared to 1BHK in 2017.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.