Condo and HDB rents continue decline in December 2017

Singapore apartment rents continued to fall in December 2017.
The Straits Times

Rents for non-landed private residential units fell 0.3 per cent in December last year from the month before, and registered a drop of 0.5 per cent year-on-year.

According to the latest SRX Property Price Index flash report, rents for private apartments dropped the most month-on-month in the Rest of Central Region (RCR) at 1.2%, followed by 0.7% in the Core Central Region (CCR). Rents in the Outside Central Region (OCR), however, increased by 0.6%.

Year-on-year, CCR rents posted a 0.1% year-on-year increase in price, while rents in RCR and OCR posted a fall of 0.4% and 1.1% respectively.

Compared to the peak in Jan 2013, rents in December 2017 were down 20.2 per cent.

Rental volume for private residential apartments also fell by 20.2 per cent from the month before, and was 15.3 per cent lower year-on-year.

Public home rents registered drops as well, with a decrease of 0.6 per cent registered for the month of December last year. When compared to December 2016, HDB rents were down 3.5 per cent.

Similarly, rental volume for HDB flats fell 23.1 per cent in December from the month before. Rental volume was also 21.2 per cent down from the same period a year before.