Here’s the median price to rent a 1-bedroom across 10 cities in Asia.
Fraser Hall | The Image Bank | Getty Images
Renting a place is a big financial decision, especially when choosing to live in a major city where price tags are particularly hefty.
The general rule of thumb is to spend no more than approximately 30% of your pre-tax income on rent, according to financial experts.
Based on data gathered in April from various government websites and large real estate marketplaces in each country, researchers at the Global Property Guide compiled a list of median rental prices across several major cities in Asia.
The numbers listed below are based on the median buying price per square meter and the median monthly rental price for a 1-bedroom apartment in the most expensive region within each respective city:
Mumbai, India
Median rent for a 1-bedroom: $481
Buying price per square meter: $3,882
Hanoi, Vietnam
Median rent for a 1-bedroom: $688
Buying price per square meter: $2,280
Jakarta, Indonesia
Median rent for a 1-bedroom: $698
Buying price per square meter: $1,726
Kuala Lumpur, Malaysia
Median rent for a 1-bedroom: $735
Buying price per square meter: $3,903
Manila, Philippines
Median rent for a 1-bedroom: $805
Buying price per square meter: $3,813
Taipei, Taiwan
Median rent for a 1-bedroom: $816
Buying price per square meter: $17,551
Bangkok, Thailand
Median rent for a 1-bedroom: $1,080
Buying price per square meter: $6,485
Tokyo, Japan
Median rent for a 1-bedroom: $1,216
Buying price per square meter: $8,837
Hong Kong
Median rent for a 1-bedroom: $2,173
Buying price per square meter: $25,802
Singapore
Median rent for a 1-bedroom: $4,590
Buying price per square meter: $16,619
In 2023, Asia’s housing market faced a downturn amid weakening economic growth and the inflationary environment, according to a report by Global Property Guide.
“Hong Kong’s housing market woes continue, amidst [a] struggling economy,” as residential construction activity in the region fell by more than 34% year-over-year and inflation-adjusted residential property prices plunged by more than 9% in 2023, according to the report.
Prices for housing 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 housing prices up 5.17% and 2.74% in 2023, respectively.
Overall, the global housing market seems to be stabilizing as inflationary pressures ease in many countries and central banks pause their rate hikes, according to the report.
Want to make extra money outside of your day job? Sign up for CNBC’s new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.
Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.
Read the full article here
