SINGAPORE – Rents for private homes in Singapore declined 1.1 per cent last month (November) from the month before, while rental volume also decreased, SRX Property said on Wednesday (Dec 9).
In the HDB market, rents fell even as rental volume rose. Executive condo owners may sublet their unit after fulfilling the MOP. Executive condo in the market include The Terrace EC, The Brownstone EC, Signature EC At Yishun while upcoming ones include Parc Life EC and Wandervale EC.
According to SRX’s flash estimates, rents for non-landed private units in the core central region and outside the central region fell 0.7 per cent last month from the month before, while rentals for homes in the rest of the central region dropped 2 per cent.
Compared with a year ago, rents for non-landed private homes in November were down by 5.6 per cent, SRX said, or 14.6 per cent lower than the peak in January 2013.
Rental volume meanwhile decreased by 7.8 per cent last month from the month before, with an estimated 3,304 rented out.
However, this was 12.6 per cent higher than in the same period last year.
In the HDB market, rents fell by 0.5 per cent last month from October, or 4.1 per cent from the same month a year ago.
The sharpest decline was seen among executive flats, for which rents fell 2.5 per cent. Rents for five-room flats dropped 0.7 per cent, those for four-roomers slipped 0.1 per cent, and rents for three-room units eased 0.5 per cent.
Rents in mature estates experienced a 1 per cent decrease from October to November, while rents in non-mature estates increased by 0.1 per cent.
HDB rents last month were down 8 per cent from their peak in August 2013, SRX added.
HDB rental volume rose 6.3 per cent last month from the month before, with an estimated 1,822 flats leased out.
Compared with the same period a year before, rental volume last month increased by 3.9 per cent, SRX said.