RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Private condo rents dip 0.7% in February as rental volume slides

Meanwhile, HDB rents slipped 0.9%.

According to SRX Property, rents for non-landed private residential rentals dipped 0.7% in February 2016 compared to January 2016. Non-landed private residential units in RCR and OCR saw rents pullbacks of 1.8% and 1.3% respectively, while units in CCR inched up 1.3%

In YoY terms, rents in February 2016 dropped 5% from February 2015. Compared to its peak in January 2013, rent in the previous month tumbled 15.2%.

Meanwhile, rental volume dropped 17.5%. An estimated 2,797 non-landed private residential units were rented in February of this year, a decrease from January 2016’s 3,389 rented units. In YoY terms, rental volume in February 2016 was 0.5% higher than 2,784 units rented in same period last year.

HDB rents also saw a decrease, falling 0.9% in February. HDB 3 and 5 rooms posted 0.6% and 1.8% dip in rents respectively, while executive flats saw a 0.9% slip. On the other hand, rents for HDB 4 rooms inched up 0.1%.

Year-on-year, February 2016 rents edged back 3.7% from February 2015. Compared to its peak in August 2013, rents last month were down 9.1%.

Rents in mature and non-mature estates saw a 1% and 0.8% decline last February, respectively. This translates to a respective 3.6% YoY and 4.6% slide in rents for mature and non-mature estates.

Rental volume for HDB flats registered a 20.1% crash last month, as well. SRX Property estimates that about 1,371 HDB flats were rented in February 2016, compared to 1,715 units rented in January 2016. In YoY terms, rental volume last month posted an 11.3% fall from February 2015

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