Condo rents volumes slip by 0.9% in January

An estimated 6,285 units were rented during the month.

Condo rents volumes dipped by 0.9% month-on-month to 6,285 units in January, down from 6,345 units in the previous month, the SRX and 99.co reported.

“Condo rental volumes in January 2023 were lower than the same period last year and five-year average,” Pow Ying Khuan, Head of Research, 99 Group, said.

“Meanwhile, rental continued rising but it’s posting the lowest increase in the last 11 months.”

Rents rose by 1.4%MoM and 33.2% year-on-year in January, the report noted.

Moreover, Housing Development Board (HDB) rents grew by 12.2%MoM to 2,819 HDB flats, up from 2,513 units in December 2022.

“For the HDB rental market, volumes rebounded by 12.2% month-on-month, but they were still below five-year average level and lower than January 2022,” he said.

“In terms of HDB rental index, it’s rising by 0.6% in the month – making this the lowest increase since 15 months ago.”

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