Over 275,000 transactions recorded by the rental index in July of last year; Riyadh accounting for deals worth SR900mn.

According to reports and data released by the the Rental Services E-Network 'Ejar' in collaboration with Sakani platform, the 'Rental Index' recorded over 275,000 residential and commercial rental transactions during July of last year. The index covers more than 160 cities and provinces, encompassing most cities and provinces of the Kingdom. The monthly transaction numbers remained stable between July 2022 and July 2023.

The 'Rental Index' report for July 2023 witnessed a 15% increase in residential rental transactions and an 11% increase in commercial rental transactions compared to last June. The index recorded over 58,000 residential and commercial rental transactions in Riyadh, making it the city with the highest number of rental transactions in July. The value of these transactions exceeded 900 million riyals. Jeddah followed with over 35,000 residential and commercial transactions, while Madinah and Makkah recorded over 13,000 transactions each. Dammam surpassed 12,000 transactions. The Rental Index can be accessed on the Sakani platform through the following link: link.

The Rental Index aims to promote transparency and encourage investment in the rental real estate sector in the Kingdom. It provides specific rental indicators for cities, neighborhoods, and different types of residential and commercial properties. The index allows users to explore price ranges for residential units, search for neighborhoods that offer housing units within their desired price range, review the number of rental transactions for residential and commercial units in a specific neighborhood during a specified period, assess average rental values, and visualize the price range of rental transactions through charts. These efforts support beneficiaries and contribute to the efficiency of the market in line with the goals of the Housing Program, one of Vision 2030’s Programs.

It is worth mentioning that beneficiaries of the rental real estate sector can now access the evaluation results of real estate brokers listed in the index. The evaluation includes the number of evaluations received by the broker and is currently based on the lessor's satisfaction with the broker's performance and responsiveness during the contract documentation process, as well as the lessee’s evaluation of their experience with the broker during the lease agreement, including clarification of terms and conditions.