Rents for condominiums and private apartments dropped for a second straight month, slipping 0.7 per cent last month from the previous month, according to flash data from real estate portal SRX yesterday.

This came after rents dipped 0.5 per cent in September, with the figure revised from 0.4 per cent by SRX.

After staying sluggish for most of this year, private market rents are now down 0.1 per cent from a year ago - but they remain a hefty 20 per cent lower than their peak in January 2013.

But SRX data also showed rental activity picking up.

The number of condo and private apartments leased rose 1.7 per cent to 4,207 units last month. Year on year, rental volume was just 0.5 per cent lower than a year ago.

In the HDB market, rents last month went up by 0.3 per cent month on month, after declining a revised 0.6 per cent in September.

Year on year, rents last month were 1.4 per cent lower than a year ago, and down by 15.4 per cent from their peak in August 2013.

More HDB flats were rented out, with an estimated 1,937 units leased last month, 10.2 per cent more than the 1,757 in September.

Compared with a year ago, last month's HDB rental volume was 8.9 per cent higher.

Ann Williams