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June condo, HDB rents fall as volumes drop

June condo, HDB rents fall as volumes drop.

RENTALS for private condos and apartments in Singapore fell 0.2 per cent, while HDB rents fell 0.8 per cent in June from the previous month, with volumes continuing to decline as well, according to flash estimates released by real estate portal SRX Property on Wednesday.

Year-on-year, rents from non-landed private rentals decreased 0.3 per cent, and the June showing was 19.3 per cent lower compared to its peak in January 2013.

Compared to May, rents of condos and private apartments fell by one per cent in the prime district or Core Central Region, while it edged up by 0.7 per cent in the city fringe or Rest of Central Region, and fell 0.3 per cent in the suburbs or Outside Central Region areas.

Rental volumes of private homes declined one per cent in June from May to 4,637 units, but was 0.6 per cent higher than the some 4,609 units rented in June 2017.

Rental volumes of HDB flats fell 5.8 per cent to 1,735 flats from May, 5.1 per cent lower than June 2017.

Christine Sun, the head of research and consultancy at OrangeTee & Tie, said that based on last year's trend, rental volume also decreased month-on-month, dipping 7 per cent from 4,900 units in May 2017 to 4,556 units in June 2017.

In the HDB segment, rents were down from June 2017 by 2.8 per cent, and lower by 16 per cent compared to its August 2013 high, said SRX.

Compared to May, rents for three-room flats decreased by 0.7 per cent from the previous month, and four-room flats decreased by 1.6 per cent. Executive flats also decreased by 0.9 per cent, while five-room flats increased by 0.1 per cent.

Adapted from The Business Times, 12 July 2018.