Singapore condo rents pick up in January after 11-month losing streak

SINGAPORE - Rents of private condominiums finally eked out a small gain last month as more units were leased out, after a losing streak over 11 successive months.

The rental index picked up 0.2 per cent in January from December, flash estimates from SRX Property showed on Wednesday.

This followed a slip of 0.5 per cent in December, according to the revised figures.

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

Apartments in the city-fringe areas drove the uptick in rents, increasing 1.9 per cent after a slip of 0.6 per cent in December.

Condo units in the suburbs also picked up, though to a smaller extent - they increased 0.2 per cent compared with a 0.4 per cent increase in December.

Units in the prime central areas were the outlier, as rents fell by 0.8 per cent over a 1.2 per cent slip in December.

However, on a year-on-year basis, islandwide rents suffered a 5.9 per cent fall.

The slight improvement in rents came as more leases were inked last month.

SRX said 3,417 condominium units were rented in January, up 13 per cent from the 3,025 units in December and 16.1 per cent higher compared with the 2,944 units leased a year ago.

ocheryl@sph.com.sg