Rents for private homes, HDB flats continued to slide in September: SRX Property

A private residential condominium stands among HDB flats in Toa Payoh.
A private residential condominium stands among HDB flats in Toa Payoh.PHOTO: BLOOMBERG

SINGAPORE - Rents for non-landed private homes and HDB flats continued their slide in September, slipping by 0.6 per cent and 0.3 per cent respectively from August, according to flash estimates released by SRX Property on Wednesday (Oct 12).

The rents for condominiums and private apartments softened by 1.8 per cent in the prime districts and 0.3 per cent in the outlying districts. But the city fringes saw rents edge up by 0.2 per cent after dipping 0.5 per cent in August.

Year-on-year, rents last month were down 4.6 per cent from September 2015, and 17.6 per cent off their peak in January 2013, SRX Property said.

There was also a 14.2 per cent drop in the number of condo and apartment leasings. According to SRX Property, an estimated 3,716 units were rented last month from 4,329 units in August.

Year-on-year, rental volume last month was 8.5 per cent higher than the 3,426 units rented in September 2015.

The HDB rental market also cooled with an 11.3 per cent fall in the number of flats rented out last month to 1,491 from 1,680 in August. Year-on-year, HDB rental volume in September fell by 14.4 per cent from September 2015.

HDB rental prices weakened across the board with three-room, four-room, five-room and executive flats seeing declines of 0.7 per cent, 0.1 per cent, 0.4 per cent and 0.8 per cent respectively.

Year-on-year, rents in September were down by 4.5 per cent from a year ago, and 10.8 per cent off their peak in August 2013.