SINGAPORE - Rents for non-landed private homes continued to weaken in August, dropping by 0.4 per cent compared with July, according to flash estimates released by SRX Property on Wednesday (Sept 9).
There was no revision for the earlier estimate of a 0.3 per cent drop in rents in July.
August's rents were 5.7 per cent lower year-on-year, and down 12.9 per cent from its peak in January 2013, SRX Property said.
Rents for condominiums and apartments in all types of locations softened: by 0.7 per cent in the prime districts (Core Central Region), 0.8 per cent in the city fringes (Rest of Central Region) and by the biggest margin of 1.3 per cent in outlying districts (Outside Central Region).
Rental volume also weakened. According to SRX Property, the number of non-landed private homes rented out fell 1.6 per cent to an estimated 4,097 units in August, from 4,163 units rented in July.
Year-on-year, rental volume in August was 13.8 per cent higher than the 3,601 units leased in the same month last year.
HDB RENTS AND VOLUME FALL IN AUGUST
Overall HDB rents dropped 0.6 per cent in August from the previous month, according to SRX Property's flash estimates. The company has revised its rents change in July from a 0.1 per cent decrease to 0.1 per cent increase.
Year-on-year, rents in August were down 3.6 per cent from August 2014, and down 6.6 per cent compared with their peak in August 2013.
But while August rents for three-room and four-room flats declined 1.1 per cent and 0.9 per cent respectively, rents for five-room flats inched up by 0.1 per cent and executive flats saw a 0.7 per cent increase in rents.
Rents fell by 0.8 per cent in mature estates and 0.4 per cent in newer estates for August.
According to the SRX Property, an estimated 1,646 HDB flats were rented in August, a 6.1 per cent decrease from 1,752 units rented in July.
Year-on-year, rental volume in August was almost flat when compared to the 1,668 units leased in August 2014.