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Finding a great rental apartment in Mumbai is often thought of as being a complex process; however, with the proper guidance, you will find that the process is not nearly as difficult as some would like you to believe.
We have found that the best way to find an apartment in Mumbai is with the assistance of an experienced real estate agent. As the market moves very quickly and because access to many of the most desirable apartments is controlled by agents, if you are serious about finding an apartment, we suggest that you use a real estate agent.
Mumbai offers some of the most varied housing options anywhere; as a result, you have many excellent options. Thus, it is important to focus in on some specifics in order to make your search as productive as possible. Some of the key items that you should resolve early on are as follows:
Your budget.
For obvious reasons, this is probably the single most important factor. The price of an apartment depends on a variety of factors - size, location, condition and features, among others - so it is critical that you determine your budget at the outset. As a general guideline, studios typically cost $1,800 to $2,500 per month; one bedrooms are from $2,250 to $3,750 per month; two bedrooms are from $3,500 to $6,500 per month and three bedrooms range from $4,500 to $10,000 per month.
Neighborhoods of interest.
Mumbai has dozens of neighborhoods, each with its own flavor and personality. A number of factors can effect where you live: you might want to be close to work or your children's schools; maybe being close to a park is important; perhaps being close to great restaurants and cafes is key. The good news is that Mumbai offers something for everyone.
Apartment size and features.
Do you need a one or two bedroom apartment? A large living area? A maid's room or a home office? Are great views important? While determining which features are important, always keep in mind that there is a price for each one and therefore prioritize them based on how much you are willing to pay for each.
Quite simply, it is very difficult to find the ideal apartment without a real estate agent / broker. The Mumbai market is large and complex and moves very quickly; trying to navigate it on your own is a formidable challenge. Brokers live and breath the market - most people rent an apartment every few years, while brokers are renting every day. Thus, the experience and knowledge they bring is invaluable and impossible to get elsewhere. As useful as we like to think the content in our website is, it is meant to be used in conjunction with the expertise of an experienced real estate broker. In addition, in Mumbai, many of the best apartments are rented exclusively through brokers. This means that in order to rent such apartments, you must use a broker. As we work with the largest rental agency in the city, you are sure to have access to the largest possible number of listings.
In most cases, when renting an apartment in Mumbai through a broker, you will have to pay a commission to the broker. Though the fee varies depending on circumstances, it is usually between 12% - 17% of the annual rent of the apartment.
Broker loyalty (i.e. only working with a single broker) is an important factor in finding a great apartment. Most brokers work incredibly hard to find you that perfect apartment. They are motivated to do this in the hopes that if they are successful, a transaction will be consummated at which time they will be compensated for their efforts. If you give a broker reasons to suspect that a transaction is not going to occur (i.e. if you are working with other brokers or are not serious about buying an apartment), he/she naturally will be less inclined to invest the time required to find your dream apartment. As a result, you will be putting yourself at a competitive disadvantage versus other apartment renters as your broker will not be as motivated as those brokers whose buyers are committed to both them and to renting an apartment. The best thing you can do is to work exclusively with a single broker and make sure they understand that you are committed to working with them. Of course, the goal here is for you to find the perfect apartment, so if you are not comfortable with the broker you are working with or otherwise question his or her ability to find what you are looking for, you should let us know so that we can discuss this with the broker and, if necessary, find a more appropriate broker for you.
Do not get hung up on listings that you see on this website (or any other website or newspaper). The odds of you renting the specific apartment you inquired about on-line are very close to zero. Treat the listings on this site as a starting point and use the extensive building information to become more familiar with the market. Unfortunately, listings are not updated as frequently as they should be. We have little control over this but it is a fact of the market. We hope that in time this situation will improve, though today the best way to obtain accurate listing information is to have your broker pre-screen listings.
You should begin to look for an apartment approximately 30 - 45 days before you intend to move. It does not make sense for you to begin looking before this as none of the apartments you see will be available when you want to move.
Be prepared to rent the apartment on the spot. In the current market, rental apartments rarely stay available for more than a couple of days. If you are not prepared to rent the apartment, do not bother visiting it.
• Bring the following: letter(s) from previous landlord; pay stubs; bank statements; and a check book.
• Be prepared to put down a deposit of one month's rent.
• Check the neighborhood around the building. Look for hospitals, fire or police stations - they are noisy and will cause you to lose sleep.
• Check the space, layout, and quality of the apartment. Make sure you feel comfortable.
• Ask any other questions that are on your mind.
Requirements vary based on the owner and the building. The following are a few general guidelines that apply in most cases:
• You will need to show an income of at least 40-50 times the monthly rent.
• You must show a secure and stable employment history.
• You must have good credit history. (For more info and a free credit report go to www.freecreditreports.com)
• You must have a social security number. If you do not have a social security number or are not in the process of applying for one you must have a guarantor co-signing your lease.
• You must show a good rental history.
• All information has to be referenced in form of a letter or sometimes a phone call.
• For business owners tax returns will be required.
• All students must have a guarantor to co-sign their lease. (See useful terms and definitions.)
• Some buildings do not accept students- this is a legal practice and cannot be challenged in court.
• If you do not meet the above criteria there are usually two possible solutions:
• You can get a co-signer or guarantor (See useful terms and definitions section.) to co-sign the lease for you.
• Or some owners will allow you to prepay 6 months to 12 months rent up front.
Once you have found an apartment, the next step is to apply and then sign the lease. A few things to keep in mind:
• Bring all paper work and money required including: employment and income verifications, pay-stubs, tax returns, stock portfolios, and at least one month's rent in form of a check.
• When filling out the application, make sure you keep in mind all the specific requirements that the landlord was looking for: your income, employment, living preferences, etc. Try to convince the landlord that you are the right tenant for him/her.
• Generally, you will need to leave a deposit equal to one month's rent which is fully refundable in case you get rejected.
• Once you apply you are bound to the apartment you are applying for, unless you get rejected.
• When paying a deposit get a receipt that specifically states that your money will be refunded if rejected.
• It usually takes anywhere from an hour to a week to hear back from a landlord.
• If accepted, try to sign the lease as soon as possible.
• Make sure you understand what kind of a lease you are signing. There are many different types: standard, self-extending, short-term, rent stabilized, etc.
• Read the entire lease and make sure you understand key elements such as: rent amount, term of lease, escalations, utilities, maintenance, pets, garbage, etc.
• Look for and read all lease addendums and any other additional forms that may come with the lease.
• If you have any questions- ask. If you still feel unsatisfied have a lawyer look at it.
• Expect to pay anywhere from 2-4 month's rent in advance, part of which will go to a security deposit.
• The initial deposit that is attached to the application is usually equal to one month's rent.
• At the lease signing you must pay the remainder. This typically consists of the last month's rent and the broker's commission.
• In almost all cases the landlord will ask you to pay a security deposit. This is refundable at the end of your lease term plus interest accrued. Security deposit money cannot be used as rent at any during the course of the lease.
• Make sure you get receipts and specific explanations of what your money is for and where it is going to be kept.