Rents for private homes, HDB flats weaken in August, slipping 0.6%: SRX Property

Private apartments in the Orchard, Cairnhill and Newton areas.
Private apartments in the Orchard, Cairnhill and Newton areas.PHOTO: ST FILE

SINGAPORE - Rents for non-landed private homes and HDB flats weakened in August, both slipping 0.6 per cent from July, according to flash estimates released by SRX Property on Wednesday (Sept 14).

The rents for condominiums and private apartments softened by 1.5 per cent in the outlying districts and 0.6 per cent in the city fringes. But the prime districts saw rents rise by 0.5 per cent.

Year on year, rents last month were down 4.7 per cent from August 2015, and 17.2 per cent off their peak in January 2013, SRX Property said.

The fall in July's rents was revised to 0.2 per cent, up from the previous estimate of a 0.4 per cent drop.

An estimated 4,595 units were rented in August, a 3.4 per cent increase over the 4,443 units rented in June. Year on year, rental volume last month was 18.1 per cent higher than the 3,892 units rented in August 2015.

 

For HDB flats, the rental rise in July after five straight months of decline, proved short-lived. August rents declined for all types: 0.4 per cent for three-rooms, 0.6 per cent for four-rooms, 0.1 per cent for five-rooms and 1.6 per cent for executive units.

SRX Property also revised down the increase in July rents to 0.3 per cent from 0.5 per cent previously.

August rents were down 4 per cent from a year ago, and 10.3 per cent lower than their peak in August 2013.

An estimated 1,719 HDB flats were rented in August, a 0.3 per cent increase from 1,714 units rented in July. But year on year, rental volume last month was 4.1 per cent lower than a year ago.