Tips for Renting Out an Apartment in Mumbai

tips for renting out an apartment

If you’re intending to shift to Mumbai, then you should know some tips for renting and key prospects while going on the search for an apartment. Whether you intend to purchase and settle down around there or staying there for a couple of years, getting rental accommodation will be your top priority. Finding an apartment in the most suitable location and area at the best price is actually not an easy task, especially for an immigrant in Mumbai.

How To Rent An Apartment In Mumbai?

For a town that never sleeps, currently, it is home to around 22 million people in Mumbai and the newest member you!

Settling down into a big city like Mumbai can be difficult because, Mumbai is not only known as the financial capital and the second capital of India, but also often active with energy and people all-around with its skyscrapers, luxurious and lavish homes, spectacular seafront, deliciously street food, and the fashionable shopping streets. According to the Wealth Report Asia (2018), Mumbai is the only city from India to feature in this list and secured the eighth position.

If you’re ready to move and want to start your journey in Mumbai but you don’t know where to start, here’s a complete guide for you to start your journey.

Calculate Your Costs

The most important thing is to fix the right asking price for your home, you should consider the following factors such as 

  • The proper market rate of your locality
    How much does it take for residents to keep the house in good condition after moving in
    • Size of your home
    • Age of your home
    • Condition of the house

What Will The Cost To Rent An Apartment In Mumbai Be?

House rents and average living costs in Mumbai may vary from person to person, but the location of your house will set the tone and lifestyle for your overall monthly budget. Mumbai might be a single city but the real estate is scattered and divided into many parts. Therefore, it is necessary to stay near the office to reduce travel time and cost. However, the rent of the house will be higher if you’re closer to Mumbai central due to its proximity in Mumbai’s city. If you are planning to travel, in mid-range areas such as Thane or Vasai, you are likely to get a decent 1BHK for around₹15-20k. Below is a list of locations as per your region and budget, so you can start searching for a new home!

As Per Apartment Range

Here’s a simple plan for apartment rent and sizes in Mumbai. But please make sure that renting a 2bhk in Navi Mumbai will be more reasonable than renting a 1bhk apartment in South Mumbai.

  • 1BHK – ₹20-25k
  • 2BHK – ₹30-40k
  • 3BHK – ₹40-60k

As Per Budget

Mumbai is for everyone. Starting from Rs5,000, you will find a variety of housing options for every budget. PG, shared apartment, apartment or residential area so, choose wisely!

  • 70k and above – Worli, Lower Parel
  • 40k and above – Borivali, Andheri, Bandra, Vikhroli
  • 30k and above – Jogeshwari, Goregaon, Malad
  • 20k and above – Ghatkopar, Dadar, Sion, Mulund
  • 10k and above – Thane, Dombivli, Kalyan, Nerul, Koperkhaine

Where Should I stay?

Daily commute

Mumbai is blessed with a large number of different connectivity throughout the entire town with metro and local train, but renting an apartment that is less than 5km away from your workplace will always be a better idea. Especially since Mumbai is always jostling with people all round the clock, so finding a house with a better option with easily accessible, convenient and near to your workplace will be an ideal place for you.  

Area and Locality

Mumbai is one of the most densely populated cities, consisting of local townships and complex housing development areas. It all depends on your budget and ability to adapt to the environment. When looking for an apartment, it is best to be close to the workplace but be prepared for a smaller area or space! Don’t be afraid to ask for help. Mumbaikars are generally warm, friendly and very approachable. 

Convenience Stores and Amenities

It’s always a good idea to search for convenient stories and key locations near potential apartments to give you a comprehensive understanding of the area. Mumbai also offers the usual advantages of big cities. Use apps such as Big Basket and Grofers to make the most of your new life in the city.

If you are a foodie, Mumbai will immediately become your favourite. The town has some delicious street food and small restaurants in which vada pav is one of the famous dishes in Mumbai and it will soon be an emotion for you, which can come in handy when you don’t want to cook.

Leisure and Recreational

If you have ever heard that Mumbai is the “city that never sleeps”, that’s true! Travelling in Mumbai from one area to another is much easy with the local train as it works from 4:00 in the morning till 1:30 in the morning and doesn’t be surprised to see people returning from work at 2 in the morning as well as people are playing badminton on the street at the same time 

If you don’t drink beer and pizza at home after a long week of work, you can relax at Marine Drive, Carter Road, Lake Powai, Amarsons Park or Girgaon Chowpatty. If you like nightlife, then you won’t be disappointed either “Mumbai is always full of parties in Trilogy (Juhu), Toto’s Garage (Bandra) or other places. Here you will also find live music performances, open microphones, lounge bars and theme bars, and many more, favourite crowds. 

Should I Rent A Furnished Or Unfurnished House?

Your answer is undoubtedly a quick yes to enter a furnished house, but this is the place to grab: Due to the constant overcrowding of the population, the houses in Mumbai are not only smaller and more expensive, but also more difficult to find a fully furnished apartment which makes your pocket empty.

Although it is difficult to buy electrical appliances and household items at the same time, renting an unfurnished apartment is a free choice for the appearance of your house. You can get high-quality furniture and appliances that meet all your needs, and we are confident that you will find what you want that makes your dream home a reality!

Get A Rental Agreement Made

The rental agreement is necessary for renting a house in Mumbai. The agreement is a legally binding document that gives the holder the right to live and gives you the right to calculate your rent, it will also specify the other conditions of rent. Other lease conditions that you need to include in your agreement are
• Full names of the holder.
• The correct address of your rental home.
• The length of the rental period.
• The amount of rent payable by the tenant.
• The security deposit amount.
• Late penalty amount and conditions.
• Rules of behaviour for your home and that of society.
• Who is responsible for repairs and what types of repairs you’ll undertake.
• Eviction terms apart from this, there is plenty more that you can add.

Conclusion:

To wind up if you want to rent an apartment in Mumbai you need to fixate on the location, budget, and amenities. We at The New Door helps our clients with the best apartments at the best locations at the best price.  

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