Rental Index reports record over 240,000 transactions in June 2023

The Rental Index has recorded more than 240,000 rental transactions during June. The records come as part of the reports and data issued by the Rental Services E-Network “Ejar,” in integration with the Sakani Platform. The Index covers more than 160 cities and governorates, including the majority of the Saudi regions in the Index.

The Rental Index June Report shows an increase in the number of rental transactions registered during June 2023 against June 2022. The increase of 190,000 transactions represents a percentage of 137%. In the meantime, the Rental Index has recorded more than 50,000 commercial rental deals at an increase rate of 138% during June 2023 as compared to June 2022.

According to the Index, Riyadh topped Saudi cities in rental deals with more than 54,000 residential and commercial rental transactions. Jeddah followed the capital city with over 32,000 deals, while Makkah came next with more than 11,000 deals each. On the other hand, Madinah recorded over 10,500 deals. To view the Rental Index on Sakani Platform, please visit https://sakani.sa/reports-and-data.

The main objective of the Rental Index is to establish transparency and promote investments in the rental real estate sector in Saudi Arabia, by designing specific rental indicators for the cities and districts, and the different residential and commercial property types. Property seekers can easily navigate the price ranges of the residential units, look up neighborhoods that house units within their specified price range, view the number of the rental deals for the residential and commercial units in the specified neighborhood within the specified rental price range, and display the price range for the residential deals in charts, in line with the efforts to support beneficiaries and contribute to improve the rental market's efficiency in accordance with the Housing Program, which is part of the Saudi Vision 2030.

Real estate rental sector beneficiaries are now able to view the real estate broker evaluation results and the number of evaluators in the Broker List on the Index. Currently, evaluation is based on the lessor's satisfaction level with the broker's response and performance during contract authentication, as well as the tenant's assessment of its own experience with the broker during the contract conclusion phase and whether the broker explained the terms and conditions.