29.2 C
Johor Bahru

iProperty.com.my Showcases Malaysia’s First Ever Rental Demand Data for H1 2020

- Advertisement -
- Advertisement -
Read Time:2 Minute, 36 Second

iProperty.com.my, debuted its H1 2020 Property Demand Analytics for the rental market which provides an overview of rental demand using iProperty.com.my’s user visits and property listings data for residential properties in Malaysia with a particular focus on Kuala Lumpur, Selangor, Penang and Johor. The rental analytics, the first of its kind in Malaysia, takes a look at three property types; terrace houses, condominiums, and serviced residences.

Due to the COVID-19 outbreak, the overall H1 2020 national rental demand declined by -5.6%. It should be noted however, that the transition from the Movement Control Order (MCO) to the Conditional  MCO  (CMCO)  followed  by  the  Recovery  MCO  (RMCO)  has  allowed  for  a  gradual economic and social recovery from mid-May onwards. This observation is supported by the recovery in property interest during the CMCO phase when the government relaxed various mobility restrictions and property viewings were permitted again.

In H1 2020, lower-priced high-rise properties garnered a higher rental yield compared to landed properties. Condominiums and serviced residences recorded rental yields of +4.17% and +4.03% respectively while terrace houses recorded a +3.43% yield. Conversely, condominiums were the most popular property type among rental property seekers within the four major capital cities of Kuala Lumpur, Selangor, Penang and Johor.

Due to the unprecedented situation caused by COVID-19, property seekers could be considering rental options instead. This could explain the increasing number of both visits and listings for Kuala Lumpur’s rental market compared to H1 2019, resulting in a more modest demand decline of -2.9% in the capital city. Property seekers were especially interested in rental properties with asking rental prices ranging between RM1,500 to RM2,000 per month.

Johor’s  rental  demand  dropped  by  -19.5%  in  H1  2020  due  to  the  number  of  listings  which outweighed the number of user visits. Nevertheless, the median asking rent for Johor (RM1,400 per month) was still lower compared to other major states in the country. Iskandar Puteri recorded the fastest growing YoY demand at +35% because its rental listings were reduced by half, mainly for the condominium segment. Many property seekers were looking for rental properties below RM2,500 per  month  in  Iskandar Puteri. Johor’s most in-demand rental area, Pasir Gudang, garnered the highest rental yield in the state with terrace houses being the top rental option. This industrial town recorded a rental yield of close to +7%, while its median rental price was at RM1,200 per month.

“Due to the unfortunate circumstances caused by COVID-19, many Malaysians are more inclined to rent than buy. As a result, the need for rental demand data for residential property has never been timelier in order to gauge consumers’ interest as they look for more affordable and flexible housing options. Real time rental property data can be hard to come by for property investors, landlords and industry. The availability of rental demand data will serve to help all stakeholders in making better informed decisions,” said Premendran Pathmanathan, General Manager of Customer Data Solutions, REA Group Asia (iProperty.com.my).


Happy

Happy

0 %


Sad

Sad

0 %


Excited

Excited

0 %


Sleppy

Sleppy

0 %


Angry

Angry

0 %


Surprise

Surprise

0 %

Latest news

Related news

Join us in Telegram for more news and updates.
Join us in Telegram for more news and updates.