Condo rents climb 3.5% MoM in February

Across sub-markets, OCR Recorded the highest rent increase.

Condo rents rose 3.5% MoM and 36.2% YoY in February, data from 99.co and SRX showed.

Rents climbed across all submarkets, with the Outside Central Region (OCR) posting the highest increase of 4.0% MoM, followed by Core Central Region (CCR) (3.6% MoM), and the Rest of the Central Region (RCR) (3.0% MoM).

On a year-on-year comparison. OCR also had the highest increase (36.9% YoY), followed by the RCR (35.5% YoY) and the CCR (35.0% YoY).

Volumes, on the other hand, decreased in February, dropping 18.6% MoM to 5,119 units. 

The volume was also 0.6% lower than February 2022 and 2.6% lower than the five-year average volume for February.

Of the total volume, 36.0% was from the OCR, 34.9% from RCR and 29.1% from CCR.