Singapore condo rents fall 0.1% in August from July; HDB rents rise 0.1%: SRX

The lacklustre rental market for both private and HDB properties dragged on for another month, going by data from real estate portal SRX on Wednesday.

Rents for condominiums and private apartments in August dipped by 0.1 per cent from July, after being unchanged since May. This brings private rents back to year-ago levels, that is August 2017.

Private property rents are also now down by 19.1 per cent from their peak in January 2013.

From July, private rents in the core central region (CCR) increased by 0.4 per cent, but those in the rest of central region (RCR) declined by 0.4 per cent, while rents outside central region (OCR) were unchanged.

Year on year, OCR rents rose 1.4 per cent but rents in the CCR and RCR dropped by 1 per cent and 1.2 per cent respectively.

SRX said the number of condo and private apartments leased fell by 4.7 per cent in August to an estimated 4,935 units from 5,176 in July.

Year on year, though, rental volume in August was 7.1 per cent higher than the 4,609 units signed for in August 2017.

Housing Board flat rents in August inched up 0.1 per cent from July, the second straight month of slight gain.

Still, HDB rents are down by 1.7 per cent from August 2017, and off by 15.3 per cent from their last peak in August 2013.

SRX revised down the monthly change in July HDB rents to a 0.5 per cent increase from a 1.0 per cent rise.

Fewer HDB flats were also rented out in August with leasings down 8.6 per cent to an estimated 1,744 units from 1,909 the month before, SRX said.

Year on year, rental volume in August dropped by 1.9 per cent from the 1,778 units rented in August 2017.

Rents for five-room flats dipped 0.1 per cent month on month, while rents for three-room flats and four-room flats both increased by 0.2 per cent and executive flats saw an 1.8 per cent increase.

Meanwhile, rents in mature estates increased by 0.2 per cent month on month while those in non-mature estates edged up 0.1 per cent.

Year on year, rents of mature estates in August slipped 1.2 per cent and rents of non-mature estates fell 2.3 per cent.

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