Rents of condos, HDB flats in Singapore down 0.6% in August: SRX Property

RENTS of private non-landed homes and Housing & Development Board (HDB) flats in Singapore slipped 0.6 per cent in August compared to July, while both segments saw an uptick in rental volumes last month, SRX Property estimates on Wednesday showed.

In the private non-landed segment, rents in Rest of Central Region (RCR) and Outside Central Region (OCR) dropped 0.6 per cent and 1.5 per cent respectively, but rents in Core Central Region (CCR) rose 0.5 per cent.

Compared to a year ago, overall non-landed private-home rents in August were down 4.7 per cent, with CCR inking the smallest decline of 0.6 per cent among the regions. Overall rents were still 17.2 per cent below the peak in January 2013.

Rental volumes of private non-landed homes rose 3.4 per cent to an estimated 4,595 units last month, representing an 18.1 per cent increase from August 2015. HDB rental volumes inched up 0.3 per cent to an estimated 1,719 flats, but still 4.1 per cent lower than a year ago.

Flash reports on rentals by SRX Property typically capture around 80 per cent of the month's transactions on average at the time of the reports' publication.

Volume estimates for transactions not yet captured are based on the estate agencies' historical submission pattern and timeline, taking into account seasonal periods during the year. The algorithm also filters out room rentals to reflect only full-flat rentals. But these volume estimates are subsequently revised as more actual transactions are recorded.