Here is the average price to rent a 1-bedroom apartment in 10 cities in Asia.
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Renting an apartment is an important financial decision, especially if you choose to live in a big city where prices are particularly high.
According to financial experts, a general rule of thumb is that you shouldn't spend more than about 30% of your pre-tax income on rent.
Based on data collected in April from various government websites and major real estate markets in each country, researchers at Global Property Guide compiled a list of average rental prices in several major cities in Asia.
The numbers listed below are based on the median purchase price per square meter and the median monthly rental price for a 1-bedroom apartment in the most expensive region of each city:
Mumbai, India
Average rent for a 1-bedroom apartment: $481
Purchase price per square meter: $3,882
Hanoi, Vietnam
Average rent for a 1-bedroom apartment: $688
Purchase price per square meter: $2,280
Jakarta, Indonesia
Average rent for a 1-bedroom apartment: $698
Purchase price per square meter: $1,726
Kuala Lumpur, Malaysia
Average rent for a 1-bedroom apartment: $735
Purchase price per square meter: $3,903
Manila, Philippines
Average rent for a 1-bedroom apartment: $805
Purchase price per square meter: $3,813
Taipei, Taiwan
Average rent for a 1-bedroom apartment: $816
Purchase price per square meter: $17,551
Bangkok, Thailand
Average rent for a 1-bedroom apartment: $1,080
Purchase price per square meter: $6,485
Tokyo, Japan
Average rent for a 1-bedroom apartment: $1,216
Purchase price per square meter: $8,837
Hong Kong
Average rent for a 1-bedroom apartment: $2,173
Purchase price per square meter: $25,802
Singapore
Average rent for a 1-bedroom apartment: $4,590
Purchase price per square meter: $16,619
According to a report by Global Property Guide, the Asian real estate market faced a downturn in 2023 due to weaker economic growth and inflationary environment.
“The problems in the Hong Kong property market continue [a] According to the report, housing construction activity in the region fell more than 34% year-on-year and inflation-adjusted home prices fell more than 9% in 2023.
Housing prices in regions of Southeast Asia such as Ho Chi Minh City, Vietnam (-1.18%) and Malaysia (-1.06%) have also fallen.
On the other hand, cities like Taipei and Singapore remain resilient despite the overall market environment – with property prices increasing by 5.17% and 2.74%, respectively, in 2023.
Overall, the global real estate market appears to be stabilizing as inflationary pressures ease in many countries and central banks pause interest rate hikes, the report said.
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