Condo and HDB rents inch up 0.1% in April but leasings drop: SRX Property

An aerial view of HDB flats taken from 1-Altitude bar.
An aerial view of HDB flats taken from 1-Altitude bar.PHOTO: ST FILE

SINGAPORE - Rents for condominiums and private apartments edged up 0.1 per cent in April from the previous month, after dropping 1 per cent in March.

Rents for HDB flats reversed an eight-month-long decline to inch up by the same amount, according to SRX Property flash estimates released on Thursday (May 11).

Private rents resumed their climb in April after March's drop. Before this year, private rents had slid for six straight months. Looking closer though, only homes in the prime areas enjoyed a rent increase in April - by 2.3 per cent. Rents in the city fringes and outlying areas declined by 0.2 per cent and 1.3 per cent respectively.

Year-on-year, private rents last month were down by 3.6 per cent from April 2016. They are 19 per cent lower than their peak in January 2013.

Get The Straits Times
newsletters in your inbox

The number of private leasings, however, fell 18.7 per cent in April to 3,653 units from 4,493 units rented in March. Year-on-year, rental volume was 15.8 per cent lower than the 4,336 units rented in April 2016.

HDB rents edged up 0.1 per cent month-on-month in April, after a revised 0.6 per cent drop in March.  Rents in mature estates increased by 0.4 per cent but those in non-mature estates decreased by 0.3 per cent.

Year on year, rents last month were down by 4.3 per cent from April 2016. They are 13.6 per cent off their peak in August 2013.

The number of HDB flats rented out fell by 17.2 per cent to 1,619 from 1,956 units in March. Compared to a year ago, rental volume is lower by 21.4 per cent.