Condo rents inch up, HDB rents dip: SRX

Rents for condominiums and private apartments reversed course last month to notch a small increase, while HDB rents slipped for a third consecutive month, according to the latest flash estimates from real estate portal SRX yesterday.

Its overall price index for non-landed private residential rentals last month increased by 0.5 per cent month-on-month. SRX also revised December's dip in rents to 0.2 per cent, from its initial estimate of a 0.3 per cent decline.

Rents in the core central region (CCR) fell by 1.3 per cent, but those in the rest of central region (RCR) increased by 2.7 per cent, and those outside central region (OCR) increased by 0.2 per cent.

Year-on-year, private rents last month were down by 0.9 per cent from January last year.

In individual sectors, CCR posted a 1 per cent decrease and OCR had a 2.2 per cent fall, while RCR saw a 0.6 per cent increase.

Compared with the January peak in 2013, rents in the past month were down 19.6 per cent.

However, SRX noted that rental volumes increased by 21.7 per cent last month with an estimated 4,198 condo and apartment units leased, compared with 3,449 units in December.

Year-on-year, last month's rental volume was 4.3 per cent higher than the 4,023 units signed for in January last year.

Meanwhile, HDB flat rents last month slipped 0.2 per cent from December despite a 0.2 per cent increase in four-room rentals.

According to SRX, rents for five-room flats dipped by 0.1 per cent and those for executive flats fell by 2.4 per cent, while rents for three-room flats remained unchanged.

Year-on-year, rents last month were down by 3 per cent from January last year.

Meanwhile, rents in mature estates decreased by 0.6 per cent month-on-month, while those in non-mature estates increased by 0.3 per cent.

Year-on-year, rents in mature estates last month slipped 2.7 per cent and rents in non-mature estates fell 3.3 per cent.

More HDB flats were rented out last month, with leasings up by 15.3 per cent to an estimated 1,800 units, up from 1,561 the month before, SRX said.

Year-on-year, last month's rental volume increased by 16.7 per cent.

A version of this article appeared in the print edition of The Straits Times on February 15, 2018, with the headline 'Condo rents inch up, HDB rents dip: SRX'. Print Edition | Subscribe