Condo rents up 1.2% in November

OCR led its growth with a 1.6% rental growth.

Condo rental prices inched up 1.2% MoM in November as all regions posted rental growth, according to an SRX Property report.

Rents in the Core Central Region (CCR) rose 1.2%, whilst the Rest of Central Region (RCR) and Outside Central Region (OCR) grew 0.7% and 1.6%, respectively.

On a YoY basis, overall condo rents edged up 4.6%. SRX also noted that the monthly figure is still 16% lower compared to its peak in January 2013.

Meanwhile, rental volumes dipped 7.6% MoM to 3,980 units in November from 4,307 units in October. It is also 3.1% lower YoY.

However, volumes are 7.5% higher than the 5-year average volume for the same month. OCR accounted for 41.1% of the overall volume. About 31.2% came from RCR and 27.7% are in CCR.

As for HDB rents, it posted a 0.1% MoM slip in November despite rental growth in most room types.

Three-room, five-room and executive rents inched up 0.4%, 0.1% and 0.7%, respectively, whilst four-room rents fell 0.5% over the same period. Mature estates rents grew 0.1%, whilst non-mature estates rents were down 0.4%.

Around 1,842 HDB flats were rented in November, a 0.1% increase compared to 1,840 units in October. About 34.1% of total rental volume are four-room, 33.4% are from three-room, 26.5% from five-room and 6% from executive.