With governments scrambling to welcome the surging number of digital nomads into Asia, it shouldn’t be a surprise that the rental real estate sector is experiencing significant growth of late.

Over the past year, initiatives such as Thailand’s Destination Thailand Visa, South Korea’s Workation Visa, and Malaysia’s DE Rantau Nomad Pass have helped redefine the concept of remote work while boosting the real estate sector in those specific nations.

According to C9 Hotelworks managing director Bill Barnett: “Asia is rewriting the rulebook to attract a new kind of global citizen: digital nomads who want flexible visas, affordable rentals, and community-driven spaces. It is a race to build policies and places that match their lifestyle.”

It should be noted at this point, however, that the influx has also made the rental real estate sector significantly more competitive, and the competition is just heating up.

While the total number of digital nomads in Asia remains unclear to this day, research group Pumble puts the global digital nomad population at around 40 million, 37 percent of which are of the millennial generation.

The immense surge of inbound digital nomads to the region has driven up demand in key markets throughout the Asian real estate sector, particularly in highly sought-after destinations like Bali, Phuket, and Boracay.

Furnished rentals are rapidly becoming a prop and mainstay of local communities, particularly on popular resort islands, as these are seen as safe havens for those seeking a refuge from an increasingly chaotic world.

On the downside, while rental pricing becomes more competitive in the region, it poses an issue for locals looking for their own places to call home, as these prices could easily exceed what is affordable for regular citizens.