Condo rents rise 0.9% MoM but fall 5% YoY in July

The Rest of the Central Region reported the highest sequential rent increase.

Condo rents rose by 0.9% MoM, but fell 5% YoY in July, data from 99.co and SRX showed.

Rents also increased across sub-markets on a sequential basis, led by the Rest of the Central Region (RCR) which saw a 1.4% increase.

Year-on-year, however, RCR rents fell 4.4%. Meanwhile, the Outside Central Region (OCR) reported a 1.1% MoM increase and a 4.4% YoY drop in rent.

The Core Central Region (CCR) reported the steepest YoY rent decline, falling 6.3%. On a sequential basis, CCR’s rents increased by 0.1%.

Rental volumes also increased in July, soaring 35.1% MoM and 11.4% YoY to 8,133 units.

The latest record was 3.8% higher than the five-year average volume for July. Of the total volume, 38.2% was from the OCR, 33.4% from RCR, and 28.4% from CCR.

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