"The Rental Index" records an increase in rental transactions by more than 48% in April compared to the same month last year

With more than 48% increase in the total transactions compared to the last year, the rental index registered more than 176000 rental transactions during the last April in more than 160 cities and governorates recently added to the rental index which now includes all the Kingdom’s cities and regions. This was reported within the data provided by Ejar website in integration with Sakani.

“Ejar” stated in a press release, today, that the rental index report for the month of April revealed an increase in the number of residential rental transactions registered during April 2023 compared to the same month last year, as the increase rate exceeded 68% by more than 152000 transactions, while the index recorded 23000 commercial rental transactions, as a 17% decrease in April 2023 compared to the same month last year.

The city of Riyadh topped the rental index report for the month of April as the city with the most transactions recorded, after it approached 50,000 residential and commercial transactions, which represents 28% of the total transactions, followed by the city of Jeddah, more than 30,000 residential and commercial transactions, then Dammam, which recorded more than From 9 thousand transactions, then comes Makkah, with more than 8,400 transactions, and finally Medina with more than 7,900 transactions. The rest of the cities recorded about 71000 residential and commercial transactions. You can access the index on “Sakani” through the link: https://sakani.sa/reports-and-data.

The rental index aims to achieve transparency and stimulate investment in the rental real estate sector in the Kingdom, by setting specific rental indicators for cities, neighborhoods, and different types of real estate, both residential and commercial, where it is possible to identify the price ranges of residential units, to search for neighborhoods that include residential units in a price range determined by the beneficiary, to view the number of rental transactions for the residential and commercial units in a specific neighborhood during a specified period, to provide the average rental values, to clarify the price range of residential transactions, and to develop a graph for them. This comes as part of supporting the beneficiaries and contributing to raising the efficiency of the market in line with the goals of the Housing Program – one of the Vision 2030 programs.

It is noteworthy that the beneficiaries of the real estate rental sector can now view the reviews of real estate brokers on the list of brokers in the index, and the number of reviewers for each broker, as the review depends at the current stage on how far the lessor is satisfied with the performance and response of the real estate broker during the documentation of the contract, and the tenant’s reviews based on his dealing with the real estate broker during the conclusion of the lease contract and clarification of the terms and conditions.