KUALA LUMPUR, 5/10/2021 — iProperty.com.my today announced that Malaysia’s residential rental property demand experienced positive Year-on-Year (YoY) growth in H1 2021, increasing to +1.9% from -5.6% in H1 2020. In contrast to H1 2020, growth in user visits have outperformed the growth in rental property listings in H1 20211.
The increase is due to significant YoY demand for terrace homes at +14.1% and for serviced residences at +8.0%. This is an interesting shift from H1 2020 where condominium was the most in-demand residential rental property. The announcement was made during an online virtual conference of the bi-annual iProperty.com.my H1 2021 Portal Demand Analytics (Residential Rental Market), which provides a macro view of current demand trends in the Malaysian residential rental market.
Premendran Pathmanathan, General Manager for Customer Data Solutions & Quality, iProperty.com.my, said, “In the previous installment of the Portal Demand Analytics, we noted that the pandemic had started the trend of property seekers looking for bigger living spaces. As a result, terrace houses have become the most popular property type in H1 2021. Moreover, the first half of 2021 continues to favor tenants as renting makes more financial sense due to a lower monthly commitment when compared to purchasing the same property, especially in times of high unemployment. Indeed, many landlords are absorbing some of the income shocks and are pricing down their rental units as they compete to attract a limited pool of financially stable tenants.
On a positive note, the ongoing vaccination program has resulted in more than 80% of the adult population being vaccinated as of September 2021. This high vaccination rate announcement will serve as a great confidence booster for the property market. As we transition to an endemic phase by the end of October, we hope the property market will continue to recover for the remainder of the year and going into 2022.”