The “Rental Index” recorded more than (294,000) residential and commercial rental transactions during the month of September, according to the reports and data issued by the electronic rental services network “Ejar,” in integration with the Sakani platform. The index covers over (160) cities and governorates across most regions of the Kingdom. The total transactions represent a year-on-year increase of over 22% compared to September 2022, but a decline of more than 15% compared to August 2023.
The September report showed a (15%) drop in residential rental transactions compared to August, with around (233,000) residential transactions recorded. Commercial rental transactions amounted to approximately (61,000), marking a (6%) decrease from the previous month.
Riyadh topped the list with more than (65,000) residential and commercial rental transactions, accounting for over (22%) of all transactions registered in the Rental Index. It was followed by Jeddah with over (37,000) transactions, then Makkah and Madinah, each with about (13,000) transactions, and finally Dammam with (12,900) transactions. The index can be accessed via the Sakani platform at: https://sakani.sa/reports-and-data
The Rental Index aims to promote transparency and stimulate investment in the Kingdom’s rental real estate sector by providing specific rental indicators for cities, districts, and various property types in both residential and commercial sectors. It allows users to view price ranges for residential units, search neighborhoods based on their preferred price range, and review the number of rental transactions and residential or commercial units in a particular district over a defined period. It also displays average rental values, price ranges for residential transactions, and graphical representations of this data, all in support of improving market efficiency in line with the objectives of the Housing Program — a key initiative under Saudi Vision 2030.
It is also worth noting that beneficiaries of the rental sector can now view evaluations of real estate brokers listed in the index, including the number of evaluators per broker. The current evaluation phase is based on lessors’ satisfaction with the broker’s performance and responsiveness during contract documentation, as well as tenants’ experiences during lease contract execution and the clarity with which brokers explain terms and conditions.
