,Singapore

Condo rents up 0.7% m-o-m in September

HDB rents, meanwhile, saw an increase by 0.6% m-o-m.

In a report released by 99.co and SRX, condo rents saw a climb to 0.7% for September 2021. 

An 8% increase y-o-y was observed from September 2020. Rents in Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) also echoed similar increases at 7.2%, 8.1% and 8.3%, respectively. These rents, however, were down 10.3% from the peak in January 2013.

Condo rental volumes also experienced a decrease by 0.7% m-o-m. When compared to the 4,484 units in August 2021, September 2021 had an estimated 4,454 units. On a y-o-y scale, rental volumes were 3% lower.

On total rental volumes, 39.3% were from OCR, 31.1% from RCR and 29.7%, meanwhile, were from CCR.  

HDB rents, on the other hand, saw a m-o-m increase by 0.6% in September 2021. Mature and non-mature rents saw similar m-o-m build ups by 1% and 0.1%, respectively.  

Rents for 3 room, 5 room and executive rents rose by 0.9%, 0.6%, and 0.3% respectively, while 4 room rents remained unchanged. 

Overall, rents saw a y-o-y increase by 8.8%. Mature estates and non-mature estates also climbed by 7.7% and 10%, respectively. All room types also experienced y-o-y increases, with 3 Room by 7.1%, 4 Room by 9.4%, 5 Room by 10% and executive rents by 7.6%.

Rents were down 6.8% from the peak in August 2013.

Volumes saw a decrease by 0.5% m-o-m, with around 1,702 HDB flats being rented in September 2021. 1,710 units were recorded in August 2021. 

Y-o-y, rental volumes climbed by 2.9%. 

On total rent volumes, 37.4% were made up by 4 Room, 33.9% from 3 Room, 23.3% from 5 Room, with the lowest being the Executive at 5.5%.

Both of the volumes of condo and HDB rents were lower than those predicted in last month’s report. 

Christine Sun, Senior Vice President of Research & Analytics, owed this increase in rent due to the lack of home supply. Resale flats and condominium units being sold, according to her, means that they have been removed from the rental market. 

Rental demand is also expected to improve, with rental prices possibly even going higher, as Singapore continues its reopening of borders and PRs, foreigners and locals alike return to the country. Due to this, Sun predicts that companies may increase their hiring of foreign expats.

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