Condo and HDB rents inch up 0.1% in April

Rents for condominiums and private apartments edged up 0.1 per cent last month from the previous month, after dropping 1 per cent in March.

Rents for HDB flats reversed an eight-month-long decline to also inch up by 0.1 per cent, according to SRX Property flash estimates released yesterday.

Private rents had been sliding for six straight months before April's rise.

Looking closer though, only homes in the prime areas enjoyed a rent increase last month - by 2.3 per cent. Rents in the city fringes and outlying areas declined by 0.2 per cent and 1.3 per cent respectively.

Year on year, private rents last month were down by 3.6 per cent from April last year. They are 19 per cent lower than their peak in January 2013.

The number of private leasings fell 18.7 per cent in April to 3,653 units, from 4,493 in March.

Year on year, rental volume was 15.8 per cent lower than the 4,336 units rented in April last year.

HDB rents edged up month on month in April, after a revised 0.6 per cent drop in March. Rents in mature estates increased by 0.4 per cent, but those in non-mature estates decreased by 0.3 per cent.

Year on year, rents last month were down by 4.3 per cent from April last year. They are 13.6 per cent off their peak in August 2013.

The number of HDB flats rented out fell by 17.2 per cent to 1,619 units from 1,956 in March. Compared with a year ago, rental volume is down by 21.4 per cent.

Ann Williams

A version of this article appeared in the print edition of The Straits Times on May 12, 2017, with the headline 'Condo and HDB rents inch up 0.1% in April'. Subscribe