The “Rental Index” recorded over 262,000 rental transactions during May, according to reports and data issued by the Electronic Rental Services Network “Ejar” in integration with the Sakani platform. This represents the highest number of rental transactions recorded since the launch of the index, following its expansion to cover more than 160 cities and governorates across most cities and regions of the Kingdom.

The Rental Index report for May revealed a substantial increase in residential rental transactions, with the total number in May 2023 rising by over 236% compared to the same month in the previous year, surpassing 203,000 residential transactions. The index also recorded over 59,000 commercial rental transactions, reflecting an estimated 210% increase in May 2023 compared to the same period last year.

Riyadh led the May Rental Index report as the city with the highest number of recorded transactions, with its total residential and commercial deals exceeding 58,000. It was followed by Jeddah Governorate, which recorded more than 35,000 residential and commercial transactions, then Makkah and Dammam, each of which exceeded 12,000 transactions, followed by Madinah, which documented over 10,000 transactions. The Rental Index is available through the Sakani platform at: https://sakani.sa/reports-and-data  

The Rental Index is designed to promote transparency and encourage investment in the Kingdom’s real estate rental sector by establishing precise rental indicators for cities, neighborhoods, and various property types in both the residential and commercial sectors. Users can explore price ranges for residential units, search for neighborhoods with properties that match a specified price range, review the number of rental transactions and available residential or commercial units in a particular neighborhood during a chosen period, view average rental values, and access detailed charts illustrating price ranges for residential transactions. This initiative supports beneficiaries and contributes to enhancing market efficiency, in line with the objectives of the Housing Program—one of the Saudi Vision 2030 initiatives.

It is also worth noting that beneficiaries of the rental real estate sector can now view evaluation results of real estate brokers through the broker list in the Rental Index, along with the number of evaluators for each broker. The evaluation system, in its current phase, is based on landlords’ satisfaction with brokers’ performance and responsiveness during the contract authentication process, as well as tenants’ assessments of their experience with brokers when concluding rental agreements and receiving clear explanations of all terms and conditions.