Condo rental market shows stability in 2024 as demand improves steadily

This is despite condo rental transactions dropping by 7.5% in October.

The condo rental market is expected to remain stable through 2024, with a potential flat growth trajectory as demand gradually improves amidst an economic recovery​, Huttons said.

Despite condo rental transactions dropping by 7.5% in October, rents remained firm. Leasing demand during the month was also higher than a year ago, reflecting resilience in the market​.

“While there were more completions of condo in the past two months, easing interest rates took some pressure off landlords and they are holding firm to their asking rents,” Mark Yip, CEO of Huttons Asia, said.

For OrangeTee, this growth is due to rising interest in luxury and premium housing, particularly in the Core Central Region (CCR).

“For instance, CCR formed a slightly higher proportion of the market share at 32.2 per cent in October 2024, up from 30.9 per cent in May 2024. This shift suggests a gradual increase in demand for premium housing as rent gaps continue to close within market segments,” the expert noted.