M A R K E T B E AT

RENTAL APARTMENT
Jakarta Q4 2019

YoY 12-Mo. SUPPLY: No New Supply During 2019

Chg Forecast
No new Purpose-Built Rental Apartment and Serviced Apartment projects were delivered during 2019. New proposed Serviced Apartment projects,
-3.6% Somerset Kencana and Somerset Sudirman are expected to operate in 2020 and will contribute about 326 units to the future supply of Jakarta
Serviced Apartment, and will bring the total to 5,239 units.
Average Rental Growth

DEMAND: Overall Market Demand Was Stable

49.0% Purpose-Built Rental Apartment and Serviced Apartment projects were able to maintain their occupancy rate at 66.1% and 75.6% in the 4th
Vacancy Rate
quarter of 2019. This reflected a slight 0.2% and 0.3% occupancy increment compared to the last quarter’s figures. Expiries of lease contracts in
the Purpose-Built Rental Apartment sub-sector were balanced by new lease contracts in the review quarter.
154,420 units
Ytd Total Completion In Serviced Apartment sub-sector, demand from short-stay guests for the year-end holiday did not significantly increase the occupancy rate during
the review quarter as some of the guests spent the holiday outside Jakarta.
Source: Cushman & Wakefield Indonesia Research

With new demand enquiries have been identified for the beginning of 2020, higher occupancy is forecast for the Purpose-Built Rental sub-sector
INDONESIA ECONOMIC INDICATORS
and Serviced Apartment sub-sector next year.
Q4 2019
PRICING: Rents Outlook Remain Stagnant
YoY 12-Mo. Average rentals ofr Purpose-Built Rental Apartments and Serviced Apartments were relatively unchanged from those in the last quarter, at
Chg Forecast
Rp.241,631 and Rp.386,234 per sqm per month respectively. Rental rate adjustment was mostly due to USD – IDR currency change.
5.0%
GDP Growth Rental rate of the Condominium-for-Lease sub-sector decreased by 5.1% from the last quarter to Rp.186,778 due to competition among
condominium-for-lease projects which offered more competitive rental rate. The overall rental rate outlook for 2020 is projected to remain stable.

2.72%
Inflation Rate

CUMULATIVE SUPPLY / OCCUPANCY NET ABSORPTION / RENTAL

5.0% 2,00,000 100.0% 8000 Rp4,00,000
Central Bank Rate

Rp Rental Rate
80.0% 6000 Rp3,00,000
1,50,000

Occupancy
4000 Rp2,00,000

Units
60.0%
Units

Source: Central Bank and Census Bureau 1,00,000

40.0% 2000 Rp1,00,000
50,000 0 Rp0
20.0%
-2000 -Rp1,00,000
0 0.0%
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019
Total Absorpsion (units)
PB Rental Apt & Serv. Apt Supply Condo-for-Lease Supply Rental Rate PB Rent + Serv. Apt (Rp psm pm)
PB Rental Apt & Serv. Apt Occ. Condo-for-Lease Occ. Rental Rate Condo-for-Lease (Rp psm pm)
M A R K E T B E AT

RENTAL APARTMENT
Jakarta Q4 2019

OVERALL VACANCY RATE MARKET STATISTICS

CUMULATIVE AVERAGE RENT

80.0% VACANCY
SUBMARKET SUPPLY
RATE RP/SM/MO US$/SM/MO EUR/SM/MO
(UNITS)
60.0%
Purpose-Built Rental Apartment (Jakarta) 2,731 33.9% Rp 241,641 US$17.40 €15.50
40.0%
Serviced Apartment (Jakarta) 5,239 24.4% Rp 386,234 US$28.06 €24.78
Historical Average = 43.1%
20.0%
Condominium-for-Lease (Greater Jakarta) 146,450 49.8% Rp 186,778 US$13.45 €11.98

0.0% TOTAL 154,420 49.0% Rp 271,548 US$19.64 €17.42

2015 2016 2017 2018 2019
Rental rates reflect gross US$ psm / month
Overall Vacancy US$/Rp = 13,885.6; €/Rp = 15,589.4

ARIEF RAHARDJO
Director, Strategic Consulting
SIGNIFICANT UNDER CONSTRUCTION PROJECTS Q4 2019 +62 21 2550 9500 / [email protected]
COMPLETION
PROPERTY DISTRICT SEGMENT APPROX UNITS
SCHEDULE
Somerset Kencana Pondok Indah Upper-Middle 150 2020 HANDY CAHYADI
Senior Manager, Strategic Consulting
Somerset Sudirman Sudirman Upper-Middle 176 2020
+62 21 2550 9500 / [email protected]
TOTAL 326
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NEWLY COMPLETED PROJECTS Q4 2019
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contained within this report is gathered from multiple sources believed
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