Falling condo rents but jump in number of units leased in March: SRX Property

SINGAPORE - Rents of private condominiums and apartments continued to decline last month but more units were leased out, according to flash estimates released by SRX Property on Wednedsay.

Rents slipped 0.4 per cent in March and a bigger-than-estimated 1.3 per cent in February, revised up from 0.8 per cent.

Rents are on a 13-month losing streak, broken only in January this year.

Year on year, rents for non-landed residential property last month are down 6.3 per cent from March 2014, and 11.1 per cent lower compared with their last peak in January 2013.

But volume improved. SRX Property said 3,948 non-landed units were rented in February, up 37.1 per cent from the 2,880 units in February and 14 per cent higher compared with the 3,463 units leased a year ago.

Private condo and apartment rents have been hammered as a mounting supply of newly completed units have intensified leasing competition among landlords.

Rents of non-landed private residential units in the prime central areas (Core Central Region) fell 0.5 per cent in March. Rents in the city fringe (Rest of Central Region) fell 0.9 per cent. But rents in the suburbs (Outside Central Region) climbed 0.8 per cent.