Condo rental volumes down 19.7% in February

HDB rental volumes also dropped 10.8% MoM.

Condo rental volumes in Singapore fell 19.7% month-on-month (MoM) in February, with 5,062 units rented, down from 6,306 in January.

Transactions were 5.7% lower than the five-year February average but 5.7% higher year-on-year (YoY).

Rental prices rose 0.3%, with CCR and OCR rents increasing by 1.6% and 0.2%, while RCR rents dropped 0.5%.  YoY, overall condo rental prices rose 1.8%, with CCR, RCR, and OCR rents increasing by 1.5%, 1.9%, and 1.2%, respectively.

Rental transactions in February remained 5.7% lower than the five-year average for the month. By region, OCR accounted for 34.5% of total rental volume, RCR for 35%, and CCR for 30.5%.

Meanwhile, HDB rental volumes also declined, dropping 10.8% MoM to 2,352 flats leased in February, down from 2,637 in January. YoY, HDB rental volumes fell 3.9% and were 7.8% below the five-year average for February.

HDB rental prices, however, rose 0.7% in February. Both mature and non-mature estate rents increased by 0.7% and 0.8%, respectively. By flat type, 4-room, 5-room, and executive units saw rental price gains of 1.5%, 0.5%, and 1.2%, respectively, whilst 3-room rents remained unchanged.

On a YoY basis, overall HDB rental prices were up 3.4%, with mature and non-mature estate rents increasing by 4.3% and 2.6%, respectively. All flat types recorded annual rental price gains, ranging from 2.7% for 5-room flats to 4.5% for 3-room units.