Improved leasing activities drove higher occupancy and rental rates despite market challenges of rising costs and intensifying competition. 

The total cumulative supply for both serviced and purpose-built rental apartments in the second half of 2024 increased slightly by 1.5% from the previous period to 10,050 units with one new serviced apartment project named Somerset Kencana Jakarta entering the market. For the serviced rental apartments, 71% of the supply remained in the CBD area with 63% of such units located in South Jakarta. While, for the non-serviced, purpose-built rental apartments, 60% of the supply remained in the Non-CBD area and 76% of the supply were located in South Jakarta.