SINGAPORE - Rents for condominiums and private apartments dropped in March, reversing a short two-month recovery, while those for HDB flats declined for the eighth straight month, according to SRX Property flash estimates released on Wednesday (April 12).

Private rents in March declined by 1 per cent from the previous month, after rising 0.7 per cent and 1.1 per cent in January. Before this year, private rents had slid for six straight months. February's rent gain was downwardly revised from 1.1 per cent on Wednesday.

The market downturn was felt across all locations with rents falling by 1.2 per cent in prime areas, 1.3 per cent in the city fringes and 0.7 per cent in the outlying areas.

Year on year, private rents last month were down by 3.9 per cent from March 2016. They are 19.1 per cent lower than their peak in January 2013.

The number of private leasings, however, rose 14.6 per cent in March to 4,549 units from 3,971 units rented in February. Year on year, rental volume was 1.3 per cent lower than the 4,611 units rented in March 2016.

HDB rents dipped 0.5 per cent in March from the previous month - the same rate of decline seen in February.

Rents for 3-room, 4-rooms, and executive flats decreased by 1.1 per cent, 0.2 per cent, and 2.7 per cent respectively. Rents for 5-room flats inched up by 0.1 per cent.

Rents in mature and non-mature estates saw the same month on month rent decline of 0.5 per cent.

Year on year, rents last month were down by 5.1 per cent from March 2016. They are 13.9 per cent off their peak in August 2013.

An estimated 2,045 HDB flats were rented in March, a 32.1 per cent increase from 1,546 units in February. Compared to a year ago, rental volume is lower by 7.5 per cent.