Condo rents rise 0.5% in June, HDB rents fall 0.6%: SRX Property

Rents of condominiums and apartments rose 0.5 per cent month-on-month in June.
Rents of condominiums and apartments rose 0.5 per cent month-on-month in June.PHOTO: ST FILE

SINGAPORE - Private residential and HDB reversed course last month, according to SRX Property flash estimates released on Wednesday (July 12).

Rents of condominiums and apartments rose 0.5 per cent month-on-month in June, swinging from a revised 0.6 per cent decline in May, though the number of units leased dropped

After a sustained slide last year, private rents have fluctuated monthly this year. But after June's increase they are now down just 0.3 per cent to date this year. They are still 19.1 per cent off their peaks in January 2013.

The number of units rented out in June fell 8.8 per cent to 4,250 from 4,661 in May. Year-on-year, rental volume last month was 7.3 per cent lower than the 4,587 units rented in June 2016.

HDB rents meanwhile, dropped 0.6 per cent, after rising a revised 0.8 per cent in May.

Compared to private rentals, HDB rents have declined by a bigger 1 per cent margin to date this year, said SRX Property.

Year-on-year, HDB rents last month are down by 4 per cent from June 2016. They are 13.5 per cent lower compared to their peak in August 2013.

The number of flats rented out fell 5.5 per cent in June to 1,704 from 1,804 in May. Year-on-year, rental volume last month was 11.5 per cent lower than in June 2016.