Rents for private condominiums and apartments unchanged

SINGAPORE – Rents for private condominiums and apartments were unchanged in June from May while those for Housing Board flats dipped by 3 per cent, according to flash estimates by SRX Property released on Wednesday (July 13).

Year-on-year, private home rents last month were down by 4.8 per cent from June 2015 and still 16.4 per cent off their peak in January 2013. Rents had declined 0.5 per cent in May from April.  Upcoming new launch condo include Forest Woods and Straits Mansions while existing ones include Sturdee Residences and Gem Residences.

Location-wise, June rents in the prime core central region (CCR) declined 1.4 per cent from a year ago while those in the city fringe or rest of central region (RCR) and outside the central region (OCR) saw heavier falls of 7.6 per cent and 6 per cent respectively.

SRX Property said the number of private homes rented out in June rose 2 per cent to 4,256 units. Year on year, rental volume last month was 7.9 per cent higher than 3,946 units rented in June 2015.

For HDB flats, June’s rental decline means that rents were down by 4.3 per cent from a year ago and 10.1 per cent lower than their peak in August 2013.

An estimated 1,826 HDB flats were rented in June, a 0.5 per cent decrease from May. Year on year, rental volume in June was off 0.3 per cent from June 2015.

Smaller flats dragged down the overall rental index in June. Rents for HDB 3-room and 4-room flats fell by 1.3 per cent and 0.3 per cent respectively. But 5-room and executive flats saw rents edge up 0.3 per cent and 0.2 per cent respectively.