Singapore condo rents fall 0.8% in February as number of leases tumbles: SRX Property

SINGAPORE - Rent prices of private condominiums and apartments slipped 0.8 per cent last month, after holding unchanged in January, with fewer units leased out.

Rents are back on a 12-month losing streak, broken only in January.

Year on year, rents for non-landed residential property last month are down 6.2 per cent from February 2014, and 10.5 per cent lower compared with their last peak in January 2013, according to flash estimates released by SRX Property on Wednedsay.

Rents in January were revised from a 0.2 per cent increase to unchanged.

SRX Property said 2,586 non-landed units were rented in February, down 25.8 per cent from the 3,487 units in January and 5.9 per cent lower compared with the 2,748 units leased a year ago.

Private condo and apartment rentals have been hammered as a mounting supply of newly completed units have intensified leasing competition among landlords.

Non-landed Private Residential units in CCR and RCR saw decreases in rents of 1.2% and 1.5% respectively. The rents in OCR stayed unchanged from January.

Rents in the prime central areas (Core Central Region) and city fringe (Rest of Central Region) fell 1.2 per cent and 1.5 per cent respectively. They remained unchanged in the suburbs (Outside Central Region).