Welcome to the diverse and dynamic rental landscape of India in 2024! If you’re navigating the rental market in India, whether as a newcomer or a local, understanding the current trends and prices is crucial. Let’s dive into the specifics of renting in various Indian cities.
The Pulse of the Rental Market in 2023
2023 has been significant in the rental sector. The RentOk app has successfully facilitated the collection of approximately ₹740 Crore in rent for property owners, with over 300,000 tenants making their payments across different cities.
Overview of Average Rent Across Different Apartment Types
Before we explore the PG accommodations, let’s look at the average rents for different types of apartments in different cities of India:
- 1 Room Kitchen (1RK): ₹8,598
- 1 Bedroom-Hall-Kitchen (1BHK): ₹11,598
- 2 Bedroom-Hall-Kitchen (2BHK): ₹13,515
- 3 Bedroom-Hall-Kitchen (3BHK): ₹16,651
These figures provide a clear picture of how the apartment rental costs vary depending on the size and amenities.
Types of Properties and Average Rent Analysis
In the heart of urban India, two primary types of rental properties dominate the market – Paying Guest (PG) accommodations and flats. Particularly in cities like Gurgaon and Bangalore, these options vary notably in terms of rent. Here’s a breakdown:
Single-Sharing PG Rooms
The average rent for a single-sharing pg room in 2023 was ₹11,243
List of most expensive cities for single-sharing pg rooms.
| City | AVERAGE RENT FOR SINGLE-SHARING PG (₹) |
| Mumbai | 20,659 |
| Gurgaon | 16,215 |
| Ahmedabad | 16,062 |
| Delhi | 15,502 |
| Bengaluru | 13,750 |
| Hyderabad | 13,720 |
| Kota | 12,534 |
| Pune | 12,025 |
| Rangareddy | 11,237 |
| Noida | 10,941 |
Double-Sharing PG Rooms
The average rent for a double-sharing pg room in 2023 was ₹9,441
List of most expensive cities for double-sharing pg rooms.
| City | Average Rent for Double-Sharing PG (₹) |
|---|---|
| Delhi | 14,048 |
| Mumbai | 13,644 |
| Ahmedabad | 13,596 |
| Pune | 10,061 |
| Noida | 9,282 |
| Hyderabad | 9,042 |
| Gurgaon | 9,039 |
| Rangareddy | 8,891 |
| Jaipur | 8,543 |
| Bengaluru | 8,533 |
Triple-Sharing PG Rooms
The average rent for a double-sharing pg room in 2023 was ₹7,503.
List of most expensive cities for triple-sharing pg rooms.
| City | Average Rent for Triple-Sharing PG (₹) |
|---|---|
| Mumbai | 12,037 |
| Delhi | 11,906 |
| Ahmedabad | 10,887 |
| Pune | 7,980 |
| Rangareddy | 7,889 |
| Greater Noida | 7,527 |
| Jaipur | 7,379 |
| Hyderabad | 7,096 |
| Faridabad | 7,049 |
| Kota | 7,030 |
| Ranchi | 6,790 |
Conclusion
Understanding the rental market is key to finding a place that not only provides shelter but also aligns with your lifestyle and budget. The Indian rental landscape in 2023 offers diverse options across its bustling cities, each with its unique appeal and price tag. Whether you’re a student, a working professional, or a family, this guide should help you navigate the renting scene with ease.
Source: RentOk app
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