Singapore condo rents up in November, while HDB rents fall: SRX

Rents for non-landed private homes in Singapore rose in November from the previous month, while those for HDB flats slipped, though they were both higher as compared to a year ago.

Overall condo rents increased 1.2 per cent from October, and is up by 4.6 per cent year on year. However, they are still 16 per cent below their peak in January 2013.

Rents in the suburbs, or the outside central region (OCR) climbed the most, with a 1.6 per cent increase from October to November, while rents in the core central region (CCR) rose 1.2 per cent. Rents in the rest of the central region (RCR) also gained 0.7 per cent.

Year on year, condo rents were up in all regions last month: CCR by 5.8 per cent, RCR by 3.7 per cent, and in the OCR by 4.4 per cent.

The SRX flash data released on Wednesday also showed that some 3,980 condo units were leased in November, down 7.6 per cent from 4,307 units in October, and 3.1 per cent lower from a year ago.

SRX added that condo rental volume has also shrunk for the fourth consecutive month this year, though volumes are 7.5 per cent higher than the five-year average volume for the month of November.

In the public housing market, HDB rents inched 0.1 per cent lower last month from October, and are still down 14.5 per cent from their peak in August 2013.

For the month of November, rents for three-room flats rose 0.4 per cent, while rents for five-room and executive flats climbed 0.1 per cent and 0.7 per cent respectively. However, rents for four-room flats fell 0.5 per cent.

In non-mature estates, rents declined 0.4 per cent, while rents in mature estates rose 0.1 per cent.

Year on year, HDB rents were up 1.6 per cent, with all room types posting increases, led by a 3.4 per cent increase in executive rents.

There were 1,842 HDB flats rented in November, a 0.1 per cent increase from 1,840 units in October.

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