Condo rent prices up 26.8% in May

Whilst fewer condos were rented in May, it still breached the 5,000-mark.

Condo rent prices jumped 26.8% in May compared to the same month in 2022, according to latest data from SRX and 99.co.

Year-on-year, rents in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) rose by 22.3%, 28.4%, and 28.7%, respectively.

Compared to April this year, however, rents are 0.6% lower. CCR and RCR condo rents dropped by 1.7% and 0.4%. In contrast, OCR rents rose 0.2% in May compared to April.

Volume wise, fewer condos were rented in May. An estimated 5,164 units are rented in May compared to 5,623 units rented in April.

Rental volumes in May are also 1.8% lower compared to May 2022; and 7.8% lower than the 5-year average volume for the month of May.

By region, 36.8% of the total volumes are from the OCR, 33.2% from the RCR, and 30.1% from the CCR.