Mumbai sees increasing rents once again, with average rents increasing 14.3% in 2024, to reach INR 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. INR 1,33,300 per month.
The report also observed that in Q4’ 2024 (October-December 2024), the average rent for furnished homes increased to ₹96.23 per sq. ft. per month, from ₹85.99 per sq. ft. per month in Q4’ 2023. The rent for unfurnished homes also increased to ₹78.26 per sq. ft. per month from ₹66.28 per sq. ft. per month a year ago.
Further, the report elaborated that most tenants (44%) are searching for homes within a budget of INR 50,000- 1,00,000 per month and for units within 500-1000 sq ft configurations (46% of searches on Magicbricks platform).
Premium rental hubs such as Worli saw asking rents averaging ₹1,73,100 per month for a 2BHK and ₹3,06,200 per month for a 3BHK configuration. Andheri West remained one of the most sought-after rental destinations, with 2BHK rents at ₹81,100 per month, while Powai continued to attract professionals, commanding ₹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 ₹29,700 per month, and Malad West, where 2BHK units rent for ₹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 ₹81,100 per month, while in Andheri East, it is ₹67,000 per month. In Powai, 2BHK units are available for an average ₹77,000per month, while in Chembur, the rent averages ₹69,800 per month, shared the report.
The city’s rental market continues to thrive, driven by increasing migration and employment opportunities. With strong rental yields and rising demand, Mumbai offers a dynamic mix of rental homes catering to different budgets and lifestyle preferences.
Most Searched Areas for Rental Homes in Mumbai:
| Locality | 2BHK Rent (INR/month) | 3BHK Rent (INR/month) |
| Andheri West | 81,100 | 1,39,100 |
| Andheri East | 67,000 | 1,12,400 |
| Powai | 77,000 | 1,27,800 |
| Chembur | 69,800 | 1,20,600 |
| Worli | 1,73,100 | 3,06,200 |
| Mira Road | 29,700 | 43,000 |
| Wadala East | 85,100 | 1,27,700 |
| Malad West | 61,500 | 89,600 |