Rental prices for Housing and Development Board (HDB) flats fell 0.3 per cent in February from the previous month, while rents for private homes also continued to fall, according to SRX Property.
Three-room and four-room flats saw rental prices decline by 0.8 and 0.6 per cent, respectively, while five-room and executive flats, in contrast, saw a pick-up in rental prices by 0.7 and 0.5 per cent, respectively.
Year-on-year, rental prices for HDB flats in Febraury were down 3 per cent, or down 5.5 per cent compared with its peak in August 2013, said SRX.
Non-mature estates saw a bigger decline in rents, with prices down 3.8 per cent from February last year, while year-on-year, rental prices of mature estates in February were down 2.3 per cent.
Rental volume also declined, with an estimated 1,371 flats rented last month, a 25.7 per cent decrease from the 1,864 units rented the previous month. Rental volume also saw a drop, with a 6.5 per cent decrease compared to 1,467 units rented in February 2014.
PRIVATE HOMES’ RENTS CONTINUE TO FALL
Rental prices in the non-landed private residential market fell 0.8 per cent on-month in February, compared to the previous month, according to SRX Property.
Units in the Core Central Region and Rest of Central Region saw rental prices decline by 1.2 per cent and 1.5 per cent, respectively. The rent in the Outside of Central Region remained unchanged from January.
Year-on-year, rental prices for non-landed private homes were down 6.2 per cent, and were down 10.5 per cent from its peak in January 2013. January’s rent prices were revised from a 0.2 per cent increase to unchanged, added SRX Property.
Rental volume fell 25.8 per cent on-month, with an estimated 2,586 units rented in February, down from the 3,487 units rented the previous month. On a year-on-year basis, rental volume was down 5.9 per cent compared with the 2,748 units rented in February 2014.
Source : Channel NewsAsia – 11 Mar 2015