Condo rents unchanged in July while HDB rents rise 1%: SRX

Flash estimates from real estate portal SRX Property show rents for non-landed private residential properties saw no month-on-month change in July after inching down 0.1 per cent in June.
Flash estimates from real estate portal SRX Property show rents for non-landed private residential properties saw no month-on-month change in July after inching down 0.1 per cent in June. PHOTO: ST FILE

SINGAPORE - Rents for condominiums and private apartments continued to stabilise last month, while the more volatile rents for HDB flats reversed direction and rose, with both rental markets enjoying a pickup in activity, according to a report on Wednesday (Aug 8).

Flash estimates from real estate portal SRX Property show rents for non-landed private residential properties saw no month-on-month change in July after inching down 0.1 per cent in June. Private rents have been flattening out since February this year.

Year-on-year, rents last month were just 0.4 per cent lower than in July 2017. They are still 19.1 per cent off their peak in January 2013.

In the smaller HDB rental market, rates increased by one per cent in July after falling 0.7 per cent in June. The smaller 3-room and 4-room flats gained, with rental increases of 1.6 per cent and 1.5 per cent respectively, while rents fot 5-room and executive flats dipped by 0.3 per cent and one per cent respectively.

Year-on-year, HDB rents last month were down by 1.5 per cent from July 2017, and 15 per cent off their high in August 2013.

According to SRX Property, an estimated 4,896 private non-landed units were rented in July, a 4.7 per cent increase from 4,678 units in June. Year-on-year, rental volume last month was 2.4 per cent lower than the 5,016 units leased in July 2017.

The number of HDB flats rented jumped 11.9 per cent to 1,932 from 1,726 in June. Year-on-year, rental volume last month was up three per cent from July 2017.