School holiday Apartment Rental Boost

School holidays and the anniversary of the city was joined to boost short-term apartment rental activity during the second quarter of 2012. The series of events such as the Jakarta Great Sale and Jakarta Fair is an annual event that helps requests serviced apartments apartment rental subsector.

Senior Associate Director of Research and Advisory Cushman & Wakefield Indonesia, Arief Rahardjo, in a press release here on Friday (7/27/2012), said the school holidays and a great day in the city as a significant increase in the occupancy rate of rental apartments. However, these achievements it is different in the overall occupancy rate of growth in the supply of rental apartments condos for rent in abundance.

Based on the survey data, Arief explained, the total cumulative demand recorded 29 017 units of rental apartments. This achievement had an annual increase of 10.1 percent, while the occupancy rate rental apartments as a whole in the second quarter-2012 quarter decreased by 2.6 percent to 65.04 percent.

Apartment rental occupancy rate trends in general affected by the sub-lease condominiums fell 3.4 percent to 61.9 percent. The decline was caused by a number of newly completed condominium thereby increasing the supply of rental condominiums drastically. In contrast, serviced apartments experienced the highest occupancy rate of growth, of 4.3 percent from last quarter and 8.5 percent from a year ago that reached 83.8 percent.

The total cumulative supply of rental apartments in the three sub-sectors by the end of June 2012 recorded 44 633 units. This shows the quarterly growth of 4.0 percent and annual growth of 11.2 percent.

During the second quarter of 2012, the price of the average monthly rent condo rent grew 4.4 percent to Rp 148 497 per square meter. Rents in the sub-sector specific apartment rents grew 0.8 percent from last quarter to 17.6 U.S. dollars per square meter per month, while the sub-serviced apartments are not experiencing significant rental price movement that is still 24.6 U.S. dollars per square meter per month .

In an annual basis, rents on serviced apartments subsector experienced the highest growth, of 8.9 percent. Meanwhile, the average rental price in the sub-sector specific apartment rents and leases grew kondominum respectively 2.7 percent and 7.2 percent.