RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Private condo rents inched up 0.6% in November

Rental volume in the city-state fell 11.2% to 3,791 units.

Private condominium rents grew 0.6% MoM in November, SRX Property revealed. The largest rent hike of 1.8% MoM was observed in the core central region (CCR).

Rents for condo units around the rest of the central region (RCR) also rose 0.6% whilst rates outside the central region (OCR) dipped 0.3% MoM.

On a YoY basis, rents rose 0.3% compared to the rates in November 2017. However, rents crashed 19.6% compared to their peak rates recorded in January 2013.

According to SRX Property, RCR and ORC rents increased 1.2% and 0.8% YoY, respectively, whilst rents in the CCR saw a 1.5% YoY slip.

Also read: Private condo rents dipped 0.7% in October

The firm also noted that private condo units rented in November fell 11.2% to 3,791 units from 4,271 units rented in October. On a YoY basis, the rental volumes in the island dropped 11.8% from the 4,297 units rented back in November 2017.

“We have observed more tenants opting for shorter lease periods this year thus generating more leasing transactions in the market,” OrangeTee & Tie head of research and consultancy Christine Sun said. “We have also observed more tenants working in the fintech industry lately.”

Sun believes that the growing fintech industry which employs a pool of expats to Singapore could lend support to the rental market in the coming months.

“Private homes near some of the upcoming digital tech hubs like Buona Vista, Punggol (upcoming Punggol digital district) and downtown core may see better demand,” she noted. 

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