Singapore condo rents slip 0.3% in May, HDB rents inch up 0.1%: SRX

Rents for private non-landed homes were down 0.3 per cent in May from April, while rents for HDB flats rose slightly by 0.1 per cent, according to flash data from real estate portal SRX on Wednesday.

The fall in rents for condominiums and private apartments in May followed a 0.5 per cent gain in April, which was adjusted from its initial flash estimate of 0.6 per cent.

The core central region saw the biggest decline in rents, down 0.8 per cent, followed by the rest of central region which was down 0.7 per cent. The outside central region bucked the trend and was up 0.5 per cent.

Overall, rents rose by 2 per cent versus the year-ago period.

The number of condo and private apartments leased in May edged down 0.2 per cent from April, with an estimated 4,801 units rented compared with 4,810 units in the preceding month. Year on year, units rented were 4.2 per cent lower than the 5,013 units recorded in May 2018.

In the HDB market, rents rose 0.1 per cent in May, following a 0.1 per cent drop in April.

Rents for three-room and five-room flats rose 0.9 per cent and 0.6 per cent respectively, while rents for four-room and executive flats fell by 0.5 per cent and 0.7 per cent respectively.

Rents for flats in mature estates remain unchanged, while non-mature estates saw rents increase by 0.3 per cent.

HDB rental volume decreased 6 per cent month on month in May. An estimated 1,887 HDB flats were rented versus 2,007 units in April. Compared to a year ago, rental volumes were 3.4 per cent lower than the 1,954 units in May 2018.

Year on year, overall HDB rents increased by 0.4 per cent, with rents for flats in mature estates and non-mature estates increasing by 0.3 per cent and 0.4 per cent respectively.

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