Singapore condo rents slip 0.3% in November; HDB rents ease 0.5%: SRX Property

In the HDB space, rents fell by 0.5 per cent in November from a month ago.
In the HDB space, rents fell by 0.5 per cent in November from a month ago.PHOTO: ST FILE

SINGAPORE - Private non-landed home rentals slipped by 0.3 per cent in November from a month ago, a gentler decline from the 0.7 per cent dip in October, flash estimates from SRX Property on Wednesday (Dec 13) showed.

The main drag in November came from the Outside Central Region (OCR), which saw rents drop by one per cent in November, followed by a 0.5 per cent fall in the Rest of Central Region (RCR).

Rents in the Core Central Region (CCR), however, increased by 0.8 per cent.

Year-on-year, overall rents in November declined 1.2 per cent, with the RCR posting the biggest decline of 1.9 per cent. Rents in November remain 19.8 per cent below a January 2013 peak.

Rental volumes for private non-landed homes decreased by 0.2 per cent in November versus October, but were 0.3 per cent higher year-on-year.

On the public housing front, HDB rents fell by 0.5 per cent in November from a month ago, the flash estimates show. Rentals for housing board three- and five-room flats decreased by 1.5 per cent and 0.3 per cent respectively, while rentals for HDB executive flats increased by 0.2 per cent. Those for four-room flats remained unchanged.

HDB rents remain 14.7 per cent below their August 2013 peak.

Nonetheless, HDB rental volume rose in November. SRX Property estimates that 1,877 HDB flats were rented last month, representing a 13.8 per cent increase from October, and a 0.1 per cent increase year-on-year.