Mumbai sees increasing rents once again, with average rents increasing 14.3 per cent in 2024, to reach Rs 89.31 psf per month, amidst increasing demand and tightening rental supply in the city, observed Magicbricks’ latest Rental Update. Hence, the average monthly rent for a 2 BHK apartment in the city is approx. INR 80,500, while the corresponding figure for 3 BHKs goes up to approx. Rs 1,33,300 per month.

The report also observed that in Q4’ 2024 (October-December 2024), the average rent for furnished homes increased to Rs 96.23 per sq. ft. per month, from Rs 85.99 per sq. ft. per month in Q4’ 2023. The rent for unfurnished homes also increased to Rs 78.26 per sq. ft. per month from Rs 66.28 per sq. ft. per month a year ago. 

Further, the report elaborated that most tenants (44 per cent ) are searching for homes within a budget of Rs  50,000- 1,00,000 per month and for units within 500-1000 sq ft configurations (46 per cent  of searches on Magicbricks platform). 

Premium rental hubs such as Worli saw asking rents averaging Rs 1,73,100 per month for a 2BHK and Rs 3,06,200 per month for a 3BHK configuration. Andheri West remained one of the most sought-after rental destinations, with 2BHK rents at Rs 81,100 per month, while Powai continued to attract professionals, commanding Rs 77,000 per month for a 2BHK unit. However, relatively affordable rental options can still be found in areas within the Mumbai Metropolitan Region, such as Mira Road, where 2BHK asking rents stand at Rs 29,700 per month, and Malad West, where 2BHK units rent for Rs 61,500 per month. 

Andheri West, Powai, and Worli emerged as the most in-demand localities for rental homes, while Chembur and Andheri East remain strong contenders due to affordability and accessibility. According to the platform, the average rent being asked by landlords for a 2BHK home in Andheri West is Rs 81,100 per month, while in Andheri East, it is Rs 67,000 per month. In Powai, 2BHK units are available for an average Rs 77,000per month, while in Chembur, the rent averages Rs 69,800 per month, shared the report.