Condo rents drop by 0.6% in May

Rental volume jumped by 5.8%, however.

Rentals for non-landed private residential units dropped by 0.6% last month, with rents in the core central region (CCR), rest of central region (RCR), and outside central region (OCR), decreasing by 0.8%, 0.4%, and 0.5% respectively.

According to estimates by SRX, year-on-year, rents dropped by 5.2%, and have cascaded by 16.5% from its peak in January 2013.

Meanwhile, condo rental volume has increased by 5.8%, with an 4.400 Non-landed Private Residential units were rented last month.

“Year-on-year, rental volume in May 2016 was 14.4% higher than 3,845 units rented in May 2015,” SRX property said.

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