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Rental volumes of private non-landed homes in Singapore rise as rents slip in May
RENTS of private non-landed homes slipped 0.6 per cent in May while that for HDB flats remained unchanged compared to a month ago, according to estimates by SRX Property.
The rental decline for private homes was dragged by a 0.8 per cent drop in rents in the Core Central Region (CCR), followed by 0.5 per cent in the suburban areas or Outside Central Region (OCR) and 0.4 per cent in the city fringe or the Rest of Central Region (RCR).
This marked an overall 16.5 per cent fall in private non-landed rents from the peak in January 2013 and a 5.2 per cent drop from May 2015, going by the SRX Property rental index.
Yet, rental volume rose 5.8 per cent in May for private non-landed homes based on an estimated 4,400 units rented out in May, representing a 14.4 per cent increase from May last year.
Similarly, HDB rental volumes inched up 1.5 per cent in May to an estimated 2,005 HDB flats, a 2 per cent increase from May last year.