Rental volumes for HDBs and condos are down in September

On the HDB Market, volume fell 7.8 percent on month, to 2,763 apartments rented from 2,998 previously. The volume of HDB flats rented in September was 5 percent higher than its five-year average.

ERA Singapore chief executive Eugene Lim has said that there’s a softer market for HDB rentals, mainly as a result of all the new condominiums completed in the last few months.

Based on SRX’s and’s data, 37.2 per cent of all units leased are four-room apartments, followed closely by five-room apartments at 24.4% and executive apartment at 5.5 percent.

HDB flat rents rose 0.4 percent month-on-month, continuing an upward trend. Year on year, they were up 18.2 percentage points. The rents of both mature and nonmature estates increased by 0.3 percent on the month. The rents of matured estates rose 17.2 percent, while the rents of non-matured properties increased 19.2 percent on a year basis.

In September, the number of rental units for HDB and condos dropped.

According to the latest estimates by SRX & published on Friday, HDB rentals are increasing again. Condo rents continue to drop.

Condo leasing volume dropped 15.2 % to 5,713 units from 6,736 in August. Volumes fell 12.7% on an annual basis and were lower than the 5-year average.

Around 35.7% of all volumes were produced in the Outside Central Region.

Rents increased for all types of rooms. Most of the increases were in larger flats. Executive flats jumped 19.5% and five-roomed flats by 21.6%. The four-room apartment rents rose 18.2 %, followed by the three-room apartment rents which increased 15.7%.

In the meantime, condo rents fell for another month. They dropped 0.5 percent since August. Overall rents rose by 13.9 percent year-over-year.

Mark Yip (Huttons CEO) said that the rents fell because of the lack of demand.

Check out our attractive The Myst pricing here.

OrangeTee’s Ms Sun did not seem surprised at the correction in prices, since she had noted that rents would be rising “too fast and too quickly” by 2022. The tenants were then forced to move elsewhere, in order to find more affordable housing.

CCR Rents increased by 0.5%. RCR rents fell by 0.2% and OCR rents were down 1.3%. CCR rentals increased by 11,1% in one year, RCR rents increased by 14,9% in a year and OCR rental prices rose 15.7% in a year.

OrangeTee & Tie senior vice-president for research and analysis, Ms Christine Sun said that the demand of foreign students and workers who are looking to rent at affordable prices is driving this market.

The cooling measures also resulted to fewer homeowners upgrading their private housing. Locals could mitigate the fall in supply by moving from their existing rental homes to their new ones.

The rental rates of almost all rooms rose month over month. Three-room, four-room, and five-room apartment rents all increased 0.1 percent. Executive flats, on the other hand, saw a 0.8-percent drop in rents.

error: Content is protected !!