Record 10,162 residential rental transactions in 1Q

Underpinned by strong employment rate and sustained economic growth, residential rental transactions in 1Q2011 grew 8.7% y-o-y to 10,162, says Savills in a report. This is considered the highest level of transactions seen since records began to be kept in 2000. Growth in rental rates, however, slowed during the quarter to 1.2%, from 2.6% in 4Q2010, as a growing volume of new supply came on the market. While rental rates might thus come under pressure, Savills expects overall leasing demand to remain stable this year, in line with the positive economic outlook.

Source : The Edge – 30 May 2011

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