The median price to rent a 1-bedroom apartment in 10 cities across Asia varies significantly, with Mumbai, India being the most affordable at $481 per month and Singapore being the most expensive at $4,590 per month. The general rule of spending no more than 30% of pre-tax income on rent is essential, especially in major cities where prices are high. Data gathered from government websites and real estate marketplaces in each country was used to compile the list of median rental prices.
In 2023, Asia’s housing market experienced a downturn due to weakening economic growth and an inflationary environment. Hong Kong’s housing market was particularly affected, with a decline in residential construction activity and a drop in residential property prices. Prices in regions such as Ho Chi Minh City, Vietnam and Malaysia also fell, while Taipei and Singapore remained resilient with housing prices on the rise. The global housing market seems to be stabilizing as inflationary pressures ease in many countries and central banks pause rate hikes.
Mumbai, India has a median rent of $481 for a 1-bedroom apartment, with a buying price per square meter of $3,882. Hanoi, Vietnam follows with a median rent of $688 and a buying price per square meter of $2,280. Jakarta, Indonesia has a median rent of $698 with a buying price per square meter of $1,726. Kuala Lumpur, Malaysia has a median rent of $735 and a buying price per square meter of $3,903. Manila, Philippines has a median rent of $805 with a buying price per square meter of $3,813.
Taipei, Taiwan has a median rent of $816 and a buying price per square meter of $17,551. Bangkok, Thailand follows with a median rent of $1,080 and a buying price per square meter of $6,485. Tokyo, Japan has a median rent of $1,216 and a buying price per square meter of $8,837. Hong Kong has the highest median rent at $2,173, with a buying price per square meter of $25,802. Singapore also has high rental prices, with a median rent of $4,590 and a buying price per square meter of $16,619.
Overall, the housing market in Asia is facing challenges due to economic slowdowns and inflationary pressures, with some cities experiencing declines in residential property prices. However, cities like Taipei and Singapore have shown resilience with increasing housing prices. The global housing market is showing signs of stabilization as inflation pressures ease and central banks hold off on rate hikes. This information is important for individuals looking to rent in major cities across Asia, as it gives an overview of the current rental prices in different cities.
