Singapore private condo rents up by 1% in February; HDB rents rise 0.5%: SRX

PRIVATE non-landed home rents in Singapore rose by 1 per cent in February 2018 from a month ago, higher than the 0.5 per cent rise in January, flash estimates from SRX Property on Wednesday showed.

In individual sectors, non-landed private residential unit rents in Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) all rose, increasing by 2.3 per cent, 0.2 per cent and 0.7 per cent, respectively.

On a year-on-year basis, rents in February 2018 were down by 0.7 per cent from the year-ago period.

The OCR led with the biggest drop of 2.3 per cent, followed by a 0.1 per cent drop in the RCR.

In the CCR, however, rents saw a 0.6 per cent increase.

Rents in February 2018 were down by 18.8 per cent compared to their peak in January 2013.

Some 3,376 non-landed private residential units were rented in February, SRX said.

This was down from the 4,242 units rented in January 2018, a fall of 20.4 per cent.

On the public housing front, HDB rents rose by 0.5 per cent in February 2018 from a month ago.

Breaking it down, rents for HDB executive units fell by 0.2 per cent, while HDB three, four and five-room units all rose, increasing by 0.7 per cent, 0.3 per cent and 0.7 per cent, respectively.

According to the SRX Property Price Index for HDB rentals, rents in February 2018 were down year-on-year by 1.9 per cent from the year-ago period.

Rents were down 14.8 per cent compared to their peak in August 2013.

HDB rental-flat volumes fell by 19.1 per cent in February to 1,441 from 1,781 in January this year.

Year-on-year, February's rental volume fell by 11.8 per cent from the year-ago period.