Rents for high-end non-landed private residential units rise at fastest pace since 2014

In Q2, rents rose to $4.79 psf.

The second quarter of 2022 marked the highest increase of monthly rents for high-end non-landed private residential projects since Q1 2014, rising 7.6% QoQ to $4.79 psf in Q2.

In Q1 2014, monthly rents were at $4.84 psf.

According to Savills, rents rose significantly in Q2 due to a lack of significant completions in the prime areas.

“The dearth of significant completions islandwide have allowed landlords to dictate rents,” the property expert said.

Limited completions also led to a contraction in leasing volumes during the quarter, said Savills.

In Q2, the leasing volume of high-end units fell below the 20,000 mark for the first time since Q2 2022. Transactions were at 19,545 in Q2, translating to an 8.7% QoQ decline.

The decline spread across all three market segments, particularly in Core Central Region (CCR), where transactions fell 13.3% QoQ to 5,780.

On a year-on-year (YoY) basis, rental contracts fell by 13.3%.

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