At 18%, Mumbai rent inflation highest among five cities: Report
Publish on : 2019-01-08 14:44:53
MUMBAI: The Mumbai Metropolitan Region (MMR), which includes Thane and Navi Mumbai, experienced a maximum rent inflation of 18% in 2018, the highest among five Indian cities, a recent survey reveals.
The average rent in MMR jumped to Rs 21,168 last year from Rs 17,912 in 2017 followed by Chennai and Bengaluru with 15% and 14% increase, respectively. Rent inflation in Gurugram was close to 11% while Pune experienced the lowest rate of 7%.
The India Rent Report 2018 (Residential) stated that the 18% inflation in MMR is based on the 2.5 lakh properties listed in this region with a website which conducted the survey. “We took data of 2017 for reference when rent was more or less stagnant across cities as demonetization had hit in towards the end of 2016,” it said.
Across the country, Mumbai follows Bangalore and Chennai in terms of the size of the security deposit. In Mumbai, the average deposit last year was Rs 89,850 while in Bengaluru it was Rs 1.3 lakh and Chennai Rs 1 lakh.
Among those surveyed in Mumbai, the top-most priority of those who wished to rent a place was water supply (85%), followed by security (76%), lift (61%) and parking (48%). Merely 20% wanted a swimming pool facility.
The survey found that 70% of tenants in Mumbai prefer no brokerage, followed by 16% who find houses through friends or family, 20% who find rental houses through real estate websites and 12% through brokers.
Source :- Economic Times