Condo rents slip in October as demand shrinks; HDB rents inch up: SRX | / Property news / Condo rents slip in October as demand shrinks; HDB rents inch up: SRX

Condo rents slip in October as demand shrinks; HDB rents inch up: SRX

Fresh property news selection on November 13. 2019, Wednesday.

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RENTS for non-landed private homes slipped in October from the previous month, while those for HDB flats edged up, although they were both higher than a year ago. Overall condo rents declined 0.2 per cent from September, but rose 4.2 per cent year on year. However, they are still 16.9 per cent below their peak in January 2013.

The core central region (CCR) was the hardest hit, with a 0.6 per cent fall from September to October, while rents in the suburbs, or outside central region (OCR) slipped 0.2 per cent. Rents in the rest of the central region (RCR), however, inched up 0.1 per cent.

Year on year, condo rents were up in all regions last October: CCR by 6.3 per cent, RCR by 4 per cent, and in the OCR by 2.8 per cent.

The SRX flash data released on Wednesday also showed that some 4,341 condo units were leased in October, down 0.8 per cent from 4,378 units in September, and 4 per cent lower from a year ago.

Noting that condo rental volume shrank for a third consecutive month, Christine Sun, head of research and consultancy at OrangeTee & Tie, said that the decline in rental volume may be seasonal, as leasing demand usually falls during the last quarter, when most expatriates would have already renewed or signed new leasing contracts.

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