India, March 20 -- The US-Israel-Iran war appears to be impacting Mumbai's rental market, with brokers reporting a noticeable rise in inquiries from non-resident Indians (NRIs) based in Dubai and other Gulf countries for short-term rentals. Over the past 10 days, affluent individuals from the region have been exploring rental options in the city as a precaution amid rising uncertainty, according to real estate consultants.

Most of this demand is for short-term leases of six months to a year, with many prospective tenants taking a wait-and-watch approach, they said.

"We have seen a surge in inquiries from NRIs based in Gulf countries over the past 10 days, particularly for short-term rentals of at least a year. Initially, many hoped the ...