Here is what we know about the different rental prices for furnished or unfurnished homes in the five major cities of the Kingdom.
The real estate market in Morocco has been covered multiple times by Médias24 thanks to its real estate partner Yakeey. Although the focus was primarily on the purchase and ownership of real estate, it is also relevant to discuss the rental market.
For Médias24, Yakeey collected thousands of data points to create a map of the rental market in five major cities of the Kingdom, namely Casablanca, Rabat, Marrakech, Tangier, and Agadir. The following statistics are based on approximately 40,000 online rental listings on advertising portals, and not on executed transactions. Therefore, the effective rental prices may be slightly lower, and this only concerns the listings posted online to find a tenant, thus excluding direct rentals or those through intermediaries.
62% of the analyzed listings are in Casablanca
Of the tens of thousands of listings analyzed by Yakeey, it appears that the vast majority offer rental properties in Casablanca. The economic capital alone accounts for 62% of the registered listings in these five cities. 14% of rental listings are offered in Marrakech and Rabat, followed by 8% in Tangier and a mere 3% in Agadir.
In terms of price, here are the rental prices per city and by property size, whether it is a furnished or unfurnished property:
Overall, Rabat and Casablanca, unsurprisingly, are the cities with the highest rental prices. Studios in Casablanca are generally rented slightly more expensive than studios in Rabat, whether they are empty or furnished, but for apartments with 2 or 3 bedrooms, the rents in the capital exceed those of Casablanca.
In all real estate categories, rents in Agadir are the lowest, with a maximum of 5,950 dirhams for an unfurnished three-bedroom apartment.
Overall, we see that in each city, rental prices for studios rise between 1,000 and 1,500 dirhams per month between an empty and a furnished rental. For apartments with 2 or 3 bedrooms, rental prices can vary more significantly between 2,500 and 3,000 dirhams.
Almost a third of rental listings are studios
Regarding the rental supply, we also see the rise of studios [one-room apartment, ed.]. Yakeey’s data show that 31% of rental properties are studios. Leading are two-bedroom apartments, which represent 44% of the supply, followed by three-bedroom apartments which make up a quarter of the online listings.
But let’s zoom in on Casablanca, which concentrates nearly two-thirds of the national rental housing supply, as well as the majority of the studio offerings, which are becoming increasingly popular. According to the data we have, the neighborhoods with the highest rental prices for a furnished studio are:
- Aïn Diab: 10,000 DH/month;
- CFC: 8,800 DH/month;
- Racine: 8,000 DH/month;
- Gauthier: 7,500 DH/month;
- Maârif: 6,000 DH/month.
These properties are highly sought after and valued because they offer an interesting rental yield, between 5.5% and 7%. For example, a studio in Maârif bought and furnished for 1.1 million dirhams, and rented for 6,000 DH/month, would yield a gross return of 6.5% before taxes and fees.
It is also important to know that although this type of housing is currently very available in the economic capital, the city administration has recently indicated that the share of studios in the total number of units of a project submitted for a building permit should not exceed 20%.
MEDIA24
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