Rents for private homes break 6-month slide, rising 1.3% in January: SRX Property

Year on year, private home rents in January are still down 5 per cent from January 2016, and 18.9 per cent off their peak in January 2013.
Year on year, private home rents in January are still down 5 per cent from January 2016, and 18.9 per cent off their peak in January 2013. PHOTO: ST FILE

SINGAPORE - Rents for condominiums and private apartments reversed a six-month slide, rising 1.3 per cent in January from the previous month, according to flash estimates released by SRX Property on Wednesday (Feb 15).

The rebound was across all locations with rents going up by 0.9 per cent in the prime areas, 1.6 per cent in the city fringes and 1.3 per cent in outlying areas.

Year on year, private home rents in January are still down 5 per cent from January 2016, and 18.9 per cent off their peak in January 2013.

Rents fell 6.3 per cent last year, with December's decline revised by SRX to 1.4 per cent from an earlier estimate of 1.3 per cent.

More private leasings were also achieved last month, with the number of units rented out up 5.8 per cent to 3,813.

Year on year, rental volume in January was 0.7 per cent higher than 3,785 units rented in January 2016.

The HDB market saw rents drop 0.6 per cent in January from the previous month, after they edged up by a revised 0.1 per cent in December.

Month on month, rents for 4-room, 5-room and executive flats declined by 0.8 per cent, 1.5 per cent and 0.3 per cent respectively. Only the smallest 3-room flat category was spared, with rents inching up 0.2 per cent.

Year on year, rents last month were down by 4.8 per cent from January 2016 and 12.7 per cent lower than their peak in August 2013.

The number of flats rented out in January dropped by 16.1 per cent from the previous month to 1,427. Compared to a year ago, HDB leasings were down 27.7 per cent from January 2016.