Singapore condo rents flat in April but fall in number of units leased: SRX Property

Rents of private condominiums and apartments remained flat last month but fewer units were leased out, according to flash estimates released by SRX Property on Wednedsay. -- ST PHOTO: ALPHONSUS CHERN
Rents of private condominiums and apartments remained flat last month but fewer units were leased out, according to flash estimates released by SRX Property on Wednedsay. -- ST PHOTO: ALPHONSUS CHERN

SINGAPORE - Rents of private condominiums and apartments remained flat last month but fewer units were leased out, according to flash estimates released by SRX Property on Wednedsay.

Rents were unchanged in April from the previous month, after dipping a bigger-than-estimated 0.6 per cent in March, revised from an earlier estimate of 0.4 per cent.

Rents have hit a plateau after a 13-month losing streak, which was broken only in January this year.

Year on year, rents for non-landed residential property last month are down 6.0 per cent from April 2014, and 11.2 per cent lower compared with their last peak in January 2013.

SRX Property said 3,621 non-landed units were rented in April, down 11.9 per cent from the big jump to 4,111 units in March, but 11.2 per cent higher compared with the 3,257 units leased a year ago.

Analysts attributing the hike in leases in March to tenants relocating to take advantage of falling rents.

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

Rents of non-landed private residential units in the prime central areas (Core Central Region) rose 0.7 per cent in March. Rents in the city fringe (Rest of Central Region) fell 0.1 per cent, while rents in the suburbs (Outside Central Region) fell 0.7 per cent.