Morocco’s Rental Market Surges: Apartment and Villa Prices Up 7% Year-Over-Year

According to figures released by Mubawab, rents for apartments, whether furnished or not, have seen a significant increase of 3% compared to the last quarter, or 7% over a year. Unfurnished apartments are rented out on average for 7,700 DH per month and furnished ones for 8,800 DH per month.

Regarding villas, the figures also show an increase. An unfurnished villa rents for an average of 23,800 DH per month, up 5% from the previous quarter and 3% over a year. As for furnished villas, the monthly rent averages 24,500 DH, with a quarterly growth of 2% and an annual growth of 4%.

The study also reveals that the average size of the apartments sought remains constant in the first quarter of 2023 compared to the fourth quarter of 2022, around 99 m². Unfurnished apartments have an average area of 106 m², while that of furnished ones is 90 m². The rental market for these two types of apartments shows an upward trend, with a 3% increase compared to the last quarter and 7% on an annual basis.

Geographically, Marrakech recorded the largest quarterly increase in rental prices, with 10% for empty apartments and 3% for furnished ones. Conversely, Agadir saw the biggest drop. Despite a decrease, Rabat remains the city with the highest rents for the two types of apartments. The cities of Aïn Harrouda, Had Soualem and Khouribga offer more affordable rents.

The first quarter of 2023 also reveals a slight increase in demand in the real estate rental market in Morocco (1% compared to the fourth quarter of 2022). There is a "relative stability of the market" and a "growth potential" for the Moroccan real estate rental market.