The “Rental Index” recorded over 340,000 rental transactions during August 2023, according to reports and data issued by the Electronic Rental Services Network “Ejar,” in full integration with the Sakani platform. The index includes more than 160 cities and governorates covering most cities and regions of the Kingdom, marking the highest number of rental transactions ever recorded by the index in a single month.

The August 2023 Rental Index report showed a 25.8% increase in residential rental transactions compared to July, with the total number of residential transactions exceeding 275,000 deals. It also reported a 15% increase in commercial rental transactions, reaching 65,000 deals. Riyadh topped the index with over 71,000 residential and commercial transactions, continuing to lead the monthly index as the city with the highest number of rental deals, with total transaction values exceeding 1.1 billion riyals. Jeddah followed with more than 40,900 transactions, then Makkah with 16,700 transactions, Madinah with over 15,800, and Dammam exceeding 14,600 transactions. The Rental Index is accessible through the Sakani platform via the following link: 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.