Singapore condo rents slip 0.7% in October; HDB rents inch up 0.3%: SRX

Singapore condo rents slip 0.7% in October; HDB rents inch up 0.3%: SRX

Condominiums and private apartments rentals dropped for a second straight month, slipping 0.7 per cent in October from the previous month, according to SRX on Wednesday.

This came after rents dipped 0.5 per cent in September, with the figure revised by SRX from a 0.4 per cent decline.

After barely budging in 2018, private market rents are now down 0.1 per cent from a year ago – but are a hefty 20 per cent lower than their peak in January 2013.

But SRX data also showed rental activity staying sluggish. The number of condo and private apartments leased declined 1.7 per cent to 4,207 units last month. Year on year, rental volume was 0.5 per cent lower than a year ago.

In the HDB market, rents went up by 0.3 per cent month on month in October, after declining a revised 0.6 per cent in September.

Year on year, rents in October are 1.4 per cent lower than a year ago, and down by 15.4 per cent from their peak in August 2013.

More HDB flats were rented out, with an estimated 1,937 units leased in October, 10.2 per cent more than the 1,757 flats in September.

Compared to a year ago, October’s HDB rental volume was 8.9 per cent higher.

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