Chart of the Day: See how the residential leasing market fared in Q1

Luxury rents were surprisingly resilient.

This chart from CBRE shows that non-landed residential rents booked mild declines in the first quarter.

Based on CBRE’s basket of non-landed properties, the average rent for luxury homes remained stable at $4.95 psf/month during the quarter, on back of their limited supply and exclusive locations.

In a more competitive environment, the average rent for homes in the rest of the prime districts contracted by 1.1% quarter-on-quarter to $4.55 psf/month.

Meanwhile, the average rents for the rest of the island fell by 1.6% quarter-on-quarter to $3.15  psf/month.

On year, rents have declined by 2.0%, 4.2% and 6.0% respectively for luxury, prime and the rest of the island.