Private home rents fall in May but leases jump; HDB rents steady with a small rise in numbers

Rents for private homes fell 0.6 per cent in May from April but the volume of these properties rented out rose significantly.
Rents for private homes fell 0.6 per cent in May from April but the volume of these properties rented out rose significantly.PHOTO: ST FILE

SINGAPORE - New data shows rents for private homes fell 0.6 per cent in May from April but the volume of these properties rented out rose significantly.

SRX Property said the number of homes rented out in May jumped 5.8 per cent to an estimated 4,400 units.

For Housing Board flats, it was a broadly similar picture with rental levels holding steady overall and a more modest rise in the number of rental deals in May, SRX Property said.

Rents for HDB three-room flats rents remained the same while four-room flats increased by 0.4 per cent.

It was the larger flats - five-room flats and executive flats - which dragged the overall rental levels down, falling by 0.1 per cent and 1.5 per cent respectively.

According to SRX Property, an estimated 2,005 HDB flats were rented out in May 2016, a 1.5 per cent increase from 1,975 units rented in April 2016.