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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.
Real estate related news stories from Singapore
- Singapore property portals face double-edged sword in regional expansion
- Condominium resale prices continued to rise last month
- HDB rolls out 8,170 flats for sale
- Chart of the Day: CBD and city fringe offices rent gap to widen to 30% in 2023
- Condo rents up 4.2% in October
Asian property news round up
- Property tech startup Smarten Spaces raises US$12m from HK’s Symphony
- Eight reasons to choose The Marq
- SG’s Metro Invests A$96M in Aussie Properties and More Asia Real Estate Headlines
- Singhaiyi pares stake in Cromwell Property Group for a profit
- S'pore tops region for property investment prospects
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