Condo rents rise 0.5% MoM in October but fall 2.8% YoY

Volume fell on a sequential basis.

Condo rents rose 0.5% MoM but fell by 2.8% YoY in October, 99.co and SRX reported.

Amongst submarkets, only the Outside Central Region (OCR) retained prices in October.  The Rest of the Central Region (RCR) and the Core Central Region (CCR) reported 0.8% MoM and 0.5% MoM rent increases, respectively.

Year-on-year, however, all sub-markets reported a rental decline, led by CCR (3.9%), with RCR (3.3%) and OCR (2.3%) behind.

The rental volume also decreased in October, but on a sequential basis, falling 7.5% MoM to 5,712 units.

Year-on-year, the number of rented units in October 2024 was 5.3% higher.

The latest record was 5.5% lower than the five-year average volume for October.

Of the total volume, 34.8% was from the OCR, 33% from RCR, and 32.2%  from CCR.