Four emerging rental markets in Asia could potentially surpass conventional real estate centers.

While Singapore and Hong Kong are often viewed as Asia's most dynamic real estate markets, emerging cities are challenging their dominance, with some surpassing them in rental returns.

JLL's recent report revealed that Hong Kong was the only well-known property market to rank among the top five in a list of lesser-known cities, indicating its strength in the property market.

While we are optimistic about the long-term prospects of established markets like Hong Kong, we anticipate more visible rental growth in developing markets such as Ho Chi Minh City, Jakarta, Bangkok, and Manila, according to JLL Asia-Pacific Chief Research Officer Roddy Allan, who spoke to CNBC Make It.

Despite stable rents in Asia-Pacific in the first quarter of 2024, some cities experienced sharp growth due to resilient leasing demand for high-quality properties and improved return-to-office rates and expatriate arrivals, according to JLL's report.

So far this year, the top four cities in Asia for rental growth have been identified.

Bangkok, Thailand

Residential rental growth in Q1 2024 (y/y): +18.1%

The cost of renting a space is THB 8,292 ($226) per square meter on an annual basis.

Allan stated that rental demand has been increasing in Bangkok, with the luxury condo sector driving much of the rental gains. However, rental demand for apartments has also skyrocketed due to the current rates environment and the return of tourism and expats to Bangkok.

According to the report, the increase in selling prices, household debts, and high interest rates have driven the demand for rentals.

The report stated that by the end of 2024, 12 projects will contribute 2,800 units to Bangkok's market, which is predicted to drive rent growth even more.

Ho Chi Minh City, Vietnam

Residential rental growth in Q1 2024 (y/y): +5.9%

Average price to rent: $120 psm annually

Ho Chi Minh City, Vietnam's largest city, was one of the region's top-performing markets from a residential perspective, according to Allan. In the first quarter of 2024, rents in the city grew by 5.9% on a year-on-year basis.

The report states that the rental growth in the city has been impacted by the higher rent prices observed in new high-quality properties.

Allan stated that new supply is emerging in the lower-price market and ongoing rate pressures will boost demand.

Jakarta, Indonesia

Residential rental growth in Q1 2024 (y/y): +4.8%

Average price to rent: IDR 3,214,555 (about $200) psm annually

The limited sales of condominiums in Jakarta over the past three years can be attributed to the presidential election in 2024, as stated in the report.

Despite the sales slowdown, demand for renting in the city, particularly at the upper end of the market, remains strong, Allan told CNBC Make It.

He stated that demand for high quality spaces in Jakarta will increase in 2024 due to the expectation of new launches remaining muted.

Manila, Philippines

Residential rental growth in Q1 2024 (y/y): +0.8%

Average price to rent: PHP 9,984 (about $172) psm annually

The residential rental market in Manila experienced growth in Q1 due to increased demand from executives and foreigners, despite a decline in return-to-office rates, according to the report.

As return-to-office policies improve further into 2024, it is predicted that leasing demand will remain steady.

Despite the growth of lesser-known rental markets, mature markets in Asia, such as Singapore and Shanghai, have experienced declines in their residential rental markets. Specifically, Singapore's rental market has dropped by 15.7% year-over-year, while Shanghai has fallen by 3% from the previous year.

High-end apartments available for lease in Mainland China and Singapore are causing rents to remain subdued, according to Allan.

"In the future, we anticipate that rents will increase in Mainland China and Singapore because of decreased supply and a revival of demand for luxury residential leasing among expatriates and the general public."

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