SINGAPORE - Rents of private condominiums and apartments dipped last month even as the number of units leased out fell, according to flash estimates released by SRX Property on Wednesday.
Rents decreased by 0.6 per cent in May compared with April, led by a 1.5 per cent decline in rents outside the central region.
Rents in May were down 6 per cent compared with the same month in 2014, and 11.7 per cent lower than the peak in January 2013.
Rental volumes also dropped slightly. An estimated 3,337 units were rented out in May, according to SRX Property. This represented a 3 per cent decrease from 3,439 units rented in April.
Private condo and apartment rents have been hammered as a mounting supply of newly completed units have intensified leasing competition among landlords.