Rents for private homes, HDB flats slid further in October: SRX Property

Rents for non-landed private homes and HDB flats continued their slide in October, slipping by 0.4 per cent and 0.5 per cent respectively from September.
Rents for non-landed private homes and HDB flats continued their slide in October, slipping by 0.4 per cent and 0.5 per cent respectively from September.PHOTO: ST FILE

SINGAPORE - Rents for non-landed private homes and HDB flats continued their slide in October, slipping by 0.4 per cent and 0.5 per cent respectively from September, according to flash estimates released by SRX Property on Wednesday (Nov 9).

The 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 2015, and 17.9 per cent off their peak in January 2013, SRX Property said.

With lower rents, there was a 1.3 per cent increase 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 in October 2015.

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 2015.

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.