Private rents fell 6.3% in March while rental volume surged

Almost 4,000 units were rented last month.

Private rents posted a 6.3% year-on-year decline in March while rental volume registered a 14% year-on-year surge, data from SRX Property showed today.

On a month-on-month basis, rents fell by 0.4%. Non-landed private residential units in CCR and RCR saw decreases in rents of 0.5% and 0.9% respectively. The rents in OCR increased by 0.8% from March.

Rental volume improved, meanwhile, with an estimated 3,948 units rented in March. This represented a 37.1% increase from 2,880 units rented in February 2015 and a 14% improvement from the 3,463 units rented in March 2014.

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