Singapore condo rents rise 1.3%, HDB flat rents ease 0.6% in January

RENTALS for non-landed private homes in Singapore rose in January 2017 over December 2016 amid an increase in leasing volume, while rents and leasing volume of Housing & Development Board (HDB) flats headed south over the same period.

According to the latest flash estimates released by SRX Property on Wednesday morning, its rental index for private apartments and condos climbed 1.3 per cent month-on-month (m-o-m) in January after retreating 1.4 per cent m-o-m in December.

The index has contracted 5 per cent year-on-year (y-o-y) from January 2016 and is also 18.9 per cent below its peak in January 2013.

An estimated 3,813 non-landed private homes were rented in January 2017, reflecting a 5.8 per cent m-o-m increase from the 3,605 units rented in December 2016.

Year on year, rental volume in January 2017 was 0.7 per cent higher than 3,785 units rented in January 2016.

In the HDB flats segment, SRX Property's rental index eased 0.6 per cent m-o-m in January 2017 after creeping up 0.1 per cent in December 2016. The index has shed 4.8 per cent y-o-y from January 2016 and is also 12.7 per cent below its August 2013 peak.

SRX Property estimates that 1,427 HDB flats were rented last month - down 16.1 per cent from the previous month's 1,701 units and also 27.7 per cent lower than a year ago.