Condo, private apartment rents slip 0.1% in September; HDB rents slide 0.9%

Rents in the private market in September were down by 2 per cent from a year ago and 0.4 per cent to date this year, said SRX Property.
Rents in the private market in September were down by 2 per cent from a year ago and 0.4 per cent to date this year, said SRX Property.PHOTO: ST FILE

SINGAPORE - The weakness in both private and HDB rents persisted last month, going by the latest flash data from SRX Property on Wednesday (Oct 11).

It showed that rents for condominiums and apartments slipped by 0.1 per cent in September, compared with August, while HDB rents suffered a bigger 0.9 per cent month-on-month drop.

In August, private rents dropped 0.4 per cent month on month and HDB rents dipped 0.2 per cent, revised from no change in SRX's flash estimate.

Rental volume also dropped for both types of housing, falling 12.6 per cent for private non-landed homes and 1.6 per cent for HDB flats.

In the private market, rents in September were down by 2 per cent from a year ago and 0.4 per cent to date this year, said SRX Property.

Compared with their peak in January 2013, rents are lower by 19.2 per cent.

The number of condos and apartments rented out dropped 12.6 per cent to 3,799 units from 4,345 in August. Year on year, rental volume was down by 1.2 per cent than a year ago.

In the HDB market, rents in September were down by 4.1 per cent from a year ago and 2.3 per cent so far this year.

Compared with their peak in August 2013, HDB rents are 14.7 per cent lower.

The number of HDB flats rented out last month dipped 1.6 per cent to 1,625 from 1,652 in August. Year on year, rental volume decreased by 1.6 per cent.