Market Trends
Renting in India: A Complete Overview for 2024
Written by
Anil Kandpal
Read Time
3 min read
Posted on
January 3, 2024
Overview
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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About the Author
Anil Kandpal
Anil Kandpal is the Head of Marketing at RentOk and a seasoned property rental industry expert with over 8 years of hands-on experience in the PG, hostel, and co-living sectors. Since 2017, Anil Kandpal has built deep expertise across every facet of the property rental ecosystem. He founded Capho, a PG and hostel aggregator platform that connected renters with quality accommodation options across India. Following this, he spent two years as an operator, managing his own co-living and PG business, giving him invaluable first-hand insights into the challenges faced by property owners and managers. Currently, Anil Kandpal leads growth and marketing strategies at RentOk, a B2B SaaS property management platform, where he helps PG owners, hostel operators, and property managers streamline their operations and scale their businesses. His unique perspective combines entrepreneurial experience, operational expertise, and data-driven marketing strategies, making him a trusted voice on topics including PG management, rental property operations, tenant acquisition, and PropTech solutions.
...read moreAnil Kandpal is the Head of Marketing at RentOk and a seasoned property rental industry expert with over 8 years of hands-on experience in the PG, hostel, and co-living sectors. Since 2017, Anil Kandpal has built deep expertise across every facet of the property rental ecosystem. He founded Capho, a PG and hostel aggregator platform that connected renters with quality accommodation options across India. Following this, he spent two years as an operator, managing his own co-living and PG business, giving him invaluable first-hand insights into the challenges faced by property owners and managers. Currently, Anil Kandpal leads growth and marketing strategies at RentOk, a B2B SaaS property management platform, where he helps PG owners, hostel operators, and property managers streamline their operations and scale their businesses. His unique perspective combines entrepreneurial experience, operational expertise, and data-driven marketing strategies, making him a trusted voice on topics including PG management, rental property operations, tenant acquisition, and PropTech solutions.
