Home rents continue to decline

Rents for non-landed private homes and Housing Board flats continued their slide in October.
Rents for non-landed private homes and Housing Board flats continued their slide in October. PHOTO: ST FILE

Rents for non-landed private homes and Housing Board flats continued their slide last month, slipping by 0.4 per cent and 0.5 per cent respectively from September, according to flash estimates released by SRX Property yesterday.

Rents for condominiums and private apartments fell by 0.8 per cent in the prime districts and 1.2 per cent in the city fringes. In contrast, rents edged up 0.5 per cent in the outlying districts.

Year on year, rents last month were down 4.5 per cent from October last year, and 17.9 per cent off their peak in January 2013, SRX Property said. With lower rents, there was a 1.3 per cent rise in the number of condo and apartment leasings.

According to SRX Property, an estimated 3,686 units were rented last month from 3,637 units in September. Year on year, rental volume last month was 8.2 per cent higher than the 3,408 units rented October last year.

The HDB rental market also saw more leasings, with a 17.9 per cent rise in the number of flats rented out last month to 1,814 from 1,538 in September.

Year on year, HDB rental volume last month decreased by 0.9 per cent from October last year.

Year on year, rents in October were down by 4 per cent from a year ago, and 11.3 per cent off their peak in August 2013.

A version of this article appeared in the print edition of The Straits Times on November 10, 2016, with the headline 'Home rents continue to decline'. Print Edition | Subscribe