Non-landed homes rental index inches up by 0.5% in Q3

This followed three consecutive quarters of decline.

The rental index for non-landed homes inched up by 0.5% quarter-on-quarter (QoQ) in Q3, after three consecutive quarters of decline, according to Savills.

It was driven by the strong performance of rents in both the Rest of Central Region and the Outside Central Region, which posted 1.7% and 2.2% QoQ growth, respectively.

The demand in these two markets was due to seasonal factors and a shift from public housing units to entry-level condominiums.

The Core Central Region, meanwhile, lagged with a 1.6% QoQ rental decline, marking its fifth consecutive quarter of decreases.

“Given the global economic uncertainty and the limited pool of professional expatriates with housing allowances, this suggests that the CCR still lacks the fundamental conditions for rental growth in the near term,” Savills said.