Record High for Condo HDB rental prices in April; fewer units leased
Record High for Condo HDB rental prices in April; fewer units leased. In April, rental prices for Housing Board flats and private apartments continued to grow, reaching new highs in both sectors, despite lower leasing volumes.
According to data provided on Wednesday by real estate portals 99.co and SRX, condominium rents last month increased by 1.8 percent over the previous high in January 2013, while HDB rents increased by a record amount year on year (May 11).
Overall, condo rents increased by 2.3 percent, compared to 2.9 percent in March, while HDB rents increased by 1.9 percent, compared to 1.4 percent the month before.
This is the 16th month in a row that condo rents have increased, and the 22nd month in a row that HDB rents have increased.
In both mature and non-mature estates, HDB rents rose 13.2 percent for three-room apartments, 14.7 percent for four-room flats, and 15.1 percent for five-room flats, compared to April last year.
HDB rents increased by 1% in March, surpassing the previous high of August 2013.
Condo rental growth was noted throughout Singapore, including the central business district, the city periphery, and the suburbs. Condo rents increased 15.1 percent year over year in April. The same can be expected for new upcoming launches like Lentor Modern. The suburbs had the most condo units rented, accounting for 38.1 percent of total rental volume. Rents have risen due to a scarcity of rental stock and building delays, according to property analysts.
“Rental rates in both the HDB and condo sectors are forecast to continue to climb as leasing demand is expected to remain solid, supported by both local residents and recently arrived foreigners,” said ERA Singapore head of research and consultancy Nicholas Mak.
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