This is despite lower rental volume, which fell 3.2% in May.
Private condo rents have slightly recovered in May and edged up by 0.2%, whilst rental volume dipped 3.2% in May but still remains above 4,500 units for three months already.
OrangeTee & Tie head of research & consultancy Christine Sun observed that demand has been robust in certain areas especially for homes that are near good schools and MRT stations.
“Rental renewals have also been quite strong recently, with some tenants signing even up to 3-4 year lease in the core central region,” she said.
Currently, the bigger units seemed to be more sought after, where some of the demand could be from the recently displaced en bloc owners.
“Some en bloc owners seemed to have a stronger preference for larger units in the city fringe areas or mass market region that are close to their old residence,” she added.
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