Condo, HDB rental transactions up double digits amid rent decline in March: SRX

THE number of condominium, apartment and HDB rental transactions swelled by double digits in March, as rentals continued on a decline.

Rentals for private condominiums and apartments fell 1 per cent in March compared with February, according to estimates released by SRX Property on Wednesday.

Rental volume rose 35.5 per cent, however. About 4,331 units were rented in March, compared with 3,197 units in February. The rental volume was also 9.3 per cent higher than the 3,961 units rented in March 2015.

By region, the city centre, city fringe, and suburbs saw drops in rents of 0.8 per cent, 1.9 per cent and 0.4 per cent respectively.

Year on year, private rents in March 2016 were down by 5.3 per cent from March 2015. They were also down 15.9 per cent from their peak in January 2013.

On the public housing front, HDB rents dipped 0.1 per cent in March, while HDB rental volume rose 44.3 per cent to about 2,214 flats, from 1,534 in February. Year on year, rental volume in March was also up 3 per cent.

Three-room, four-room and executive flats posted 0.8 per cent, 1 per cent and 0.1 per cent declines in rentals respectively. Rents of five-room flats bucked the trend to rise 1.5 per cent instead.

Year on year, rents in March 2016 were down 3.9 per cent from March 2015. They were also down 9.1 per cent compared to its peak in August 2013.