Residential property rents climb in October; condo volumes down

by Albert02

Residential property rents climb in October; condo volumes down

Residential property rents climb in October; condo volumes down. Condominium and Housing and Development Board (HDB) rental rates rose in October, according to SRX and flash estimates released Wednesday, despite a significant drop in condo rental volumes.

Condo rents increased 2.7% from September to the 22nd month in a row, led by a 3.2% increase in the Rest of Central Region (RCR). Monthly rental rates increased by 2.1% in the Core Central Region (CCR) and 2.6% in the Outside Central Region (OCR). Overall condominium rental costs increased 32.7 percent year on year, with CCR, RCR, and OCR rents increasing 31.1 percent, 34.2 percent, and 32.6 percent, respectively.

In contrast, condo rental data declined 8.7 percent from September, with 4,355 units slated to be rented in October, compared to 4,771 units rented in September. Volume has decreased 13.9% year on year. According to Pow Ying Khuan, head of research at 99 Group, one possible explanation for lower volumes is a market supply shortage. “Due to construction delays caused by the pandemic, fewer new homes have been completed and are available for rent,” he explained. In October, the OCR accounted for 39% of total volume, the RCR for 35.33%, and the CCR for 25.77%. Meanwhile, HDB rents increased 1.8% over the previous month in October.

Despite a 1% decrease in three-room HDB rates from the previous month, executive and four-room rents jumped by 6.1% and 4.4%, respectively. Rents for five-bedroom apartments increased by 0.3%. Overall, HDB rentals grew by 26.6 percent year on year, with mature estate rates up 25.7 percent and non-mature estate rates up 27.4 percent. Three-room rentals climbed by 22.5 percent year on year, four-room rentals by 28.2 percent, five-room rentals by 27.6 percent, and executive rents by 30.6 percent.

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