Rent prices for 3- and 4-room HDB flats drop in February: SRX

SINGAPORE- Rent prices for HDB flats in February were lower than in January, according to flash estimates released by SRX Property.

Rents posted a decline of 0.3 per cent in February compared to January 2015. Three-room flats posted a drop of 0.8 per cent in rents, while 4-room flats posted a 0.6 per cent decline.

Rents dropped in both mature and non-mature estates in February 2015, compared to February 2014. Rent prices of flats in non-mature estates in February decreased 3.8 per cent, while rent prices in mature estates dropped 2.3 per cent.

Executive and 5-room and flats, on the other hand, saw an increase in rent prices. Five-room rents increased by 0.7 per cent, while executive flats registered a 0.5 per cent increase.

The SRX Property report also said that compared to February last year, rent prices for HDB flats this year are down 3 per cent.

While prices generally dropped, people were renting less. According to SRX Property, an estimated 1,371 HDB flats were rented in February, a 25.7 per cent decrease from 1,846 units rented in January. Rental volume in February 2015 was 6.5 per cent lower compared to the 1,467 units rented in February 2014.