Condo rents dipped 0.4% in September

The CCR saw the fastest decline in rents at 1.1% MoM.

Condo rents dipped 0.4% MoM but rose 3.2% YoY in September, which is 16.9% lower than its peak in January 2013, according to an SRX report.

The core central region (CCR) saw the fastest decline in rents at 1.1% MoM. It is followed by the rest of central region (RCR) at 0.2% and outside central region (OCR) at 0.1%. On a YoY basis, rents grew 4.0%, 2.8% and 2.9% respectively.

HDB flat rents also dipped 0.3% MoM but grew 1.1%. The rent has fallen 14.8% from the August 2013 peak.

Also read: https://sbr.com.sg/residential-property/news/hdb-flat-rentals-down-207-1490-units-in-august

Five-room and executive rents edged up 0.1% and 0.2% MoM respectively, but three-room and four-room rents slipped 1.1% and 0.3%. Non-mature estate rents rose 0.1% whilst mature estate rents declined by 0.7%.

Condominium rent volumes also fell for the second consecutive month to 11.9% MoM or 7.3% YoY to 4,139 in the same month. The OCR accounted for most of the volume at 39.1%, followed by RCR and CCR at 31% and 29.9%, respectively.

OrangeTee & Tie noted that the drop in rents prices and leasing volume could be partly attributed to a pullback in hiring as firms have become more cautious.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!