Condo rental market highest in July with 7,000 sales posted

A total of 7,282 units were rented in July 2023 compared to June.

An analyst reported that July 2023 inched up 1.1% from June 2023, with an estimated 7,282 units rented in July 2023 as compared to 5,810 units rented in June 2023. 

Data from 99.co & SRX showed that CCR rents increased by 0.7% RCR rents rose by 1.1% and OCR rents increased by 1.6%.

On a yearly basis, overall rents rose by 21.6% from July 2022. Per region, rents in CCR, RCR and OCR increase by 18.6%, 21.7% and 23.2% respectively.

Volumes increase by 25.3% month-on-month and year-on-year, rental volumes are 7.2% lower. The condo rental volumes were also 6.8% lower than the five-year average volume in July.

By region, in July 2023, 37.4% of the total volumes are from OCR, 34.3% from RCR and 28.3% from CCR.

HDB rental market

The HDB rents also grew by 2.0% from June 2023, with Mature and Non-Mature Estates rents increase by 2.1% and 2.0%, respectively. Per room type, three-Room, four-Room, five-Room and Executive rents increase by 1.4%, 2.4%, 1.9%, and 4.0%, respectively.

Year-on-year, overall rents increase by 24.1%. Year-on-year, Mature Estates and Non-Mature Estates rents increase by 23.2% and 25.2% respectively.

Year-on-year, all room types record rent increases: 3 Room by 21.1%, 4 Room by 24.0%, 5 Room by 26.2% and Executive rents by 30.2%.

Volumes grew by 11.0% month-on-month. A total of 3,320 HDB flats are rented in July 2023 compared to 2,990 units in June 2023.

Condo prices

Condo rental prices also broke the 1% upwards mark following four months of see-saw price movements.

Whilst these are strong rebounds, the property analysts said “these strong movements are temporary and do not represent any major shifts in rental behaviors.” 

“Condo landlords continue to be cautious in raising prices and tenants can expect more or less prices to remain stable for now,” it added.

Highest volume was also recorded in July for HDB Rental for July, being the highest volume this year and since Aug 2022. There may be an 11% increase in rental volume from June 2023.