Jakarta serviced apartment rents to increase by 1-2% by year-end

This is due to an influx of new supply in the second half of the year.

During Q2 2024, a Colliers report revealed that one serviced apartment in the Jakarta CBD area adjusted its rental price due to high demand, leading to an average rental rate adjustment in the CBD to IDR 464,453/sq m/month. 

Moving forward, Colliers analysts expect a 1–2% increase in the average rental rate by the end of 2024, driven by the potential incoming supply in H2 2024.

“The occupancy rate for serviced apartments increased slightly in Q2 2024 compared to the previous quarter, with most occupancy driven by short-stay guests. Newly operated serviced apartments are beginning to gain traction. All in all, the average occupancy rate of serviced apartments in Jakarta for Q2 2024 was 62.4%, up by 6.1 percentage points (ppts) QOQ,” the report said.