KL Homes Remain Affordable for Foreigners Despite Rent Increase
Average expatriate rents in Malaysia’s capital increased by 7.42% to US$1,621 per month in 2018 compared to US$1,509 in the prior year, according to the result of the latest accommodation survey conducted by ECA International.
Previously, rents in Kuala Lumpur saw a sustained drop in 2015 to 2017, as the local economy has been comparatively soft in the past few years. Another reason was that there was a large supply of rental properties despite weaker demand. Nonetheless, rents rebounded last year.
“Rents for apartments staged a recovery in 2018, but Kuala Lumpur is still very affordable for a major city in the region,” said ECA’s Regional Director for Asia Lee Quane.
In fact, average rents in neighbouring Singapore dipped 1.3% to US$4,215 per month, but the city-state still remains as Asia’s eighth most expensive location for an expatriate to rent a home.