RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Private condo rents up 1.9% in January

Rates in the RCR rose 2.3%.

Rental rates for private condominiums in Singapore rose 1.9% MoM and YoY in January, SRX Property revealed. Rates in the rest of the central region saw the highest rental increase of 2.3% MoM.

Meanwhile, rents in the other sectors such as the central core region (CCR) and outside the central region (OCR) also edged up 1.1% and 2.1%, respectively, the firm noted.

“The good rental performance in January could be attributed to more tenants returning to the market after the long year-end holidays,” OrangeTee & Tie head of research and consultancy Christine Sun said.

Also read: Private condo rents could grow 2% in 2019

According to SRX Property, rates for condo rents in January crashed 17.9% compared to their peak in January 2013. On a YoY basis, rates in the RCR (2.5%) and OCR (2.8%) inched up whilst the rates in the CCR posted a 0.1% slip.

The research firm also noted that private condo rental volumes jumped 18.3% to 4,373 units from 3,698 units rented in December. The January volume dipped 4.5% in comparison to the 4,579 units rented a year ago.

“We expect rental volume to continue strengthening this year, after reaching a ten-year high with 88,400 leasing transactions last year,” Sun commented.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.