Condo rental volume drops 18.7% in April

Whilst rents crept up by 0.1%.

SRX Property revealed that the rental volume for non-landed private residential homes slumped 18.7% in April compared to the previous month.

SRX Property data pointed out that an estimated 3,653 condo units were rented in April 2017, compared with 4,493 units rented in March.

On a yearly basis, rental volume was down 15.8% than 4,336 units rented in April 2016.

This came as prices went up 0.1%. Rents for non-landed private residential units in CCR increased by 2.3%, while in RCR and OCR decreased by 0.2% and 1.3% respectively.

Overall rents were down 3.6% YoY. In individual sectors, CCR, RCR and OCR posted 1.8%, 3.6% and 5.0% YoY decrease in prices, respectively. Compared to its peak in January 2013, rents were down 19%.