Rents for condos and apartments drop for 11th consecutive month in Dec: SRX Property

SINGAPORE - Private condominium and apartment rents continued to slide in December, falling for the 11th month in a row, SRX Property said on Wednesday.

Their rents dropped 0.8 per cent in December last year compared to the previous month, according to the SRX Property Price Index for Non-landed Private Residential Rentals.

Rents in prime central areas saw the steepest drop - 1.2 per cent - while those in the city fringe fell by 0.6 per cent and those in the suburban areas dipped 0.3 per cent.

According to the SRX rental indices, rents have been falling since Feb 2014 and have declined 6.4 per cent since the start of 2014.

Srxproperty14012015Source: SRX PROPERTY

Year-on-year, rents in December 2014 were down 5.3 per cent from December 2013.

Rents in December were 10.1 per cent down compared with their peak in January 2013.

Rental volume was relatively flat. An estimated 2,968 condos and apartments were let out in December, a a slight 2 per cent decrease from 3,026 units rented in November. 

Year-on-year, rental volume in December was 14.1 per cent higher compared to 2,601 units rented in December 2013.