Mumbai's Soaring Rents Threaten Brain Drain, Report Warns

 

Introduction

High Rent-to-Income Ratio Makes Mumbai Unaffordable

Mumbai's reputation as an expensive city is well-known, but a new report sheds light on the stark reality of the rental market and its potential consequences. According to CREDAI-MCHI, an apex body of real estate developers, skyrocketing rents pose a significant threat of driving professionals away from the city in a phenomenon known as "brain drain."

Rentals Beyond Reach for Junior Employees

The report highlights a concerning disparity between rental costs and average salaries. Renting a modest one BHK apartment in Mumbai comes at a staggering annual cost of Rs 5.18 lakh, exceeding the average yearly income of junior-level employees, which stands at Rs 4.49 lakh. This situation creates a scenario of "negative disposable income," where residents struggle to cover basic living expenses after paying rent, leaving little to no money for savings or other needs..............Read More


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