Private rents fall 0.8 per cent in third quarter as more units go vacant

Fresh signs of a weak leasing market have emerged as rental values fell at a faster clip on the back of rising vacancies. -- PHOTO: ST FILE 
Fresh signs of a weak leasing market have emerged as rental values fell at a faster clip on the back of rising vacancies. -- PHOTO: ST FILE 

SINGAPORE - Fresh signs of a weak leasing market have emerged as rental values fell at a faster clip on the back of rising vacancies.

The Urban Redevelopment Authority's rental index on Friday fell by 0.8 per cent from the preceding three-month period.

This was the fourth consecutive quarterly dip, after rents fell 0.6 per cent in the second quarter.

In the first nine months of the year, rents have eased by a total of 2.1 per cent.

Meanwhile, the number of vacant condo units here climbed to 21,569, up slightly from the 21,268 empty units in the second quarter.

ocheryl@sph.com.sg