Condo rents fall 4.2% YoY in Q3

Savills expects the YoY rent change to stabilise in the next quarters.

Condo rents for one-to-three-bedroom units dipped 4.2% year-on-year (YoY) in Q3 whilst rents fell 4.3% for one-to-five-bedroom units, according to Savills.

Overall, rents for one-to-three-bedroom units in the Core Central Region (CCR) fell by 1.5%; whilst the Rest of Central Region (RCR) and Outside Central Region (OCR) saw increases of 1% and 0.3%, respectively.

In the RCR, the average median rent for three-bedroom units in Districts 5, 8, and 13 increased by 3.8% quarter-on-quarter (QoQ). Rents in District 21 grew the most (4.2%) QoQ.

The largest growth can be seen in the OCR where the average median rents for three-bedroom units in Districts 28 and 14 grew by 5.3% and 4.4% QoQ respectively.

"Although rents are generally turning the corner on a QoQ basis, they are still below what they were a year ago," Savills noted.

“Over the next few quarters, we may see the YoY rent change begin to stabilise and hover around a + or – 1% difference."