Juwai IQI co-founder and CEO, Kashif Ansari revealed his opinions on the rental market in Malaysia.
Millennials were the largest group of renters, comprising 37.8% of all rental transactions in the country.
According to Juwai IQI’s 2024 Home Renters Generational Trends Report, Generation Z will represent 30.7% of rental transactions, becoming the next largest segment.
Juwai IQI’s co-founder and CEO, Kashif Ansari, highlighted Generation Z’s notable surge in rental transactions over the last five years.
Despite representing only 2.7% of transactions, baby boomers currently pay the highest average rent, with an average of RM2,120 per month, according to Kashif.
Apart from Gen Z, all other age groups saw a decline in rental transactions from 2019 to 2024, with baby boomers’ share halved.
Generation Z encompasses individuals aged 15 to 29 years old, millennials include those born between 1980 and 1994, and baby boomers consist of individuals born from 1946 to 1964.
In 2023, the study revealed that Generation Z and millennials paid an average of RM1,750 and RM1,862 monthly, respectively.
Despite the pandemic’s effect on rental rates in 2020, baby boomers remained the top-paying renters from 2020 to 2022, with an average below RM2,000. Their preferences leaned towards landed properties, according to Ansari.
“Baby boomers paying the highest rent makes sense, given their typically higher incomes, savings, and larger family-sized homes,” Kashif explained.
Individuals aged 79 and older, commonly referred to as builders. They accounted for less than one percent of rental transactions in 2023.
Learn more here: New Straits Time, Dagang News, Malay Mail, Yahoo! News
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