Supported by short-stay guests during the year-end holiday season and business travelers, the rental apartment market continued to see gradual improvement in occupancy and asking gross rentals.

The total cumulative supply for both serviced and purpose-built rental apartments in the second half of 2023 increased slightly by 0.6% (yoy) to 9,395 units with one new serviced apartment project named Citadines Gatot Subroto and one repurposed hotel project named The Grand Mansion Menteng by the Crest Collection entering the market. For the serviced rental apartments, 71% of the supply remained in the CBD area with 64% of such units located in South Jakarta. While, for the non-serviced, purpose-built rental apartments, 59% of the supply remained in the Non-CBD area and 75% of the supply were located in South Jakarta.