Jakarta serviced apartment supply to reach 7,793 units by end-2025

These will be from four upcoming projects.

No new serviced apartments entered the market this quarter, keeping the total supply of serviced apartments in Jakarta steady at 7,074 units. However, we observed a rebranding of one serviced apartment in the CBD area, formerly known as Crowne Plaza, now Mangkuluhur Residences by LORIN. 

Looking ahead, we expect a further increase in supply from four upcoming projects, with total supply projected to reach 7,793 units by the end of 2025.

Here’s more from Colliers: 

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. 

During Q2 2024, one serviced apartment in the 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, we expect a 1–2% increase in the average rental rate by the end of 2024, driven by the potential incoming supply in H2 2024.