# Jakarta serviced apartments gain appeal as expatriate housing costs rise

- **Source:** Real Estate Asia
- **Published:** 2026-08-06T22:39:22.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/residential/news/jakarta-serviced-apartments-gain-appeal-expatriate-housing-costs-rise
- **Topics:** Private Residential, Regional Markets

## Featured rationale

This affordability shift signals stronger demand for flexible, value-oriented serviced accommodation and may widen rental performance gaps between upgraded properties and ageing inventory.

## AI summary

Rupiah depreciation in H1 2026 significantly raised effective costs for expatriate tenants with local-currency budgets, increasing the appeal of Rupiah-denominated serviced apartments.

## Original article

Expatriate rents are being shaped increasingly by affordability pressures.

Pricing in Jakarta’s expatriate residential market is increasingly being shaped by currency movements, corporate housing policies and changing affordability considerations rather than traditional supply-and-demand dynamics, according to Colliers.

In its latest review of the market, Colliers said the depreciation of the Indonesian Rupiah has become a key factor influencing expatriate housing decisions during H1 2026. While many multinational companies continue to allocate housing budgets in Rupiah based on previous exchange-rate assumptions, premium landed houses and many non-serviced apartments remain priced predominantly in US Dollars.

As a result, Colliers noted that even where landlords have maintained relatively stable US Dollar rental rates, the effective cost for companies with local currency-based housing budgets has increased significantly.

This widening gap between corporate budgets and residential pricing has changed tenant behaviour, with occupiers increasingly focusing on overall value, cost efficiency and flexibility when selecting accommodation.

According to Colliers, companies are expanding their housing searches geographically, engaging in more rental negotiations and considering alternative residential formats to manage rising costs while maintaining suitable accommodation standards for expatriate employees.

Despite affordability pressures, landlords have generally remained firm on asking rents, particularly for high-quality properties in established expatriate locations. Colliers said this reflects the limited availability of renovated, move-in-ready homes that meet multinational occupier expectations.

The consultancy highlighted that the market is becoming increasingly divided between renovated and unrenovated properties. Modernised homes with contemporary interiors, reliable facilities and operational readiness continue to attract stronger tenant interest and achieve better rental performance, while older properties face greater difficulty competing without pricing adjustments.

Colliers said the market is increasingly placing a premium on product quality rather than location alone. Properties that have undergone refurbishment and upgrading are better positioned to maintain occupancy levels and pricing resilience, while ageing inventory may require additional investment to remain competitive.

One segment benefiting from current currency conditions is the serviced apartment market. Unlike many premium residential properties that are priced in US Dollars, serviced apartment rates are generally denominated in Indonesian Rupiah.

Colliers said the Rupiah depreciation has effectively improved affordability for companies operating with foreign currency-linked housing allocations, allowing tenants to secure larger or higher-quality accommodation within their budgets.

As a result, serviced apartments are becoming a more strategic option for multinational companies managing expatriate mobility programmes, rather than simply serving as short-term accommodation solutions.

Looking forward, Colliers expects pricing conditions to remain supportive for landlords, underpinned by limited additions of premium residential supply and continued expatriate demand from long-term investment projects.

However, the consultancy cautioned that future rental growth will depend less on demand conditions and more on external factors, particularly currency movements and whether multinational companies adjust their housing policies to reflect current market realities.

With demand remaining healthy but affordability becoming a growing consideration, Colliers said Jakarta’s expatriate residential market is likely to become increasingly differentiated between properties that offer strong value and operational readiness, and those that struggle to meet evolving occupier expectations.

## Chinese translation

> Translation model: openai_codex_cli

### 随着外籍人士住房成本上升，雅加达服务式公寓吸引力增强

雅加达外籍人士住宅市场的定价正日益受到汇率变动、企业住房政策以及不断变化的可负担性考量所影响

外籍人士租金正日益受到可负担性压力的影响。

据 Colliers 称，雅加达外籍人士住宅市场的定价正日益受到汇率变动、企业住房政策以及不断变化的可负担性考量所影响，而不是传统供需动态。

在其最新市场回顾中，Colliers 表示，印尼盾贬值已成为影响 2026 年上半年外籍人士住房决策的关键因素。尽管许多跨国公司仍基于此前的汇率假设以印尼盾分配住房预算，但高端有地住宅和许多非服务式公寓仍主要以美元定价。

因此，Colliers 指出，即使业主维持相对稳定的美元租金水平，对于采用本币计价住房预算的公司而言，实际成本也已显著上升。

企业预算与住宅定价之间不断扩大的差距改变了租户行为，租户在选择住宿时越来越关注整体价值、成本效率和灵活性。

据 Colliers 称，企业正扩大其住房搜索的地理范围，进行更多租金谈判，并考虑替代性住宅形式，以在维持外籍员工合适住宿标准的同时管理不断上升的成本。

尽管存在可负担性压力，业主总体上仍坚持要价，尤其是在成熟外籍人士聚居地的高品质物业。Colliers 表示，这反映出符合跨国租户预期的翻新、可即刻入住住宅供应有限。

该咨询公司强调，市场正日益分化为翻新物业与未翻新物业。具备现代室内设计、可靠设施和运营就绪状态的现代化住宅继续吸引更强的租户兴趣，并取得更好的租金表现；而较旧物业若不调整价格，则更难竞争。

Colliers 表示，市场越来越重视产品品质，而不仅仅是地段。经过翻新和升级的物业更有条件维持入住率和定价韧性，而老化库存可能需要额外投资才能保持竞争力。

当前汇率环境下受益的一个细分市场是服务式公寓市场。不同于许多以美元定价的高端住宅物业，服务式公寓费率通常以印尼盾计价。

Colliers 表示，印尼盾贬值实际上提高了采用与外币挂钩住房配额的公司的可负担性，使租户能够在预算内获得面积更大或品质更高的住宿。

因此，对于管理外籍人士流动计划的跨国公司而言，服务式公寓正成为更具战略意义的选择，而不只是短期住宿解决方案。

展望未来，Colliers 预计，定价环境仍将有利于业主，支撑因素包括高端住宅新增供应有限，以及长期投资项目带来的持续外籍人士需求。

不过，该咨询公司提醒，未来租金增长将较少取决于需求状况，而更多取决于外部因素，尤其是汇率变动以及跨国公司是否调整住房政策以反映当前市场现实。

Colliers 表示，在需求保持健康但可负担性成为日益重要考量的情况下，雅加达外籍人士住宅市场可能会在两类物业之间进一步分化：一类提供强价值和运营就绪状态，另一类则难以满足不断变化的租户预期。