Condo rents up 2% in May

Rents in the OCR led the increase at 2.4%.

Condo rents inched up at a slower pace of 2% YoY, but slid down 0.3% MoM in May, with the Outside Core Region (OCR) recording the highest increase at 2.4%, data from SRX Property revealed.

Rents in the Core Central Region (CCR) and Rest of Central Region (RCR) both rose by 1.7% YoY.

As rents edged up, rental volumes slid 4.2% YoY with an estimated 4,801 units rented in May compared to the 5,013 rentals recorded in May 2018. On a MoM basis, rental volumes dipped 0.2% from the 4,810 rentals seen in April.

Meanwhile, Housing and Development Board (HDB) rents grew 0.4% YoY, although it was down 15% from the peak in August 2013. Rentals for mature estates and non-mature estates rose 0.3% and 0.4% YoY, respectively.

HDB rental volumes also slipped 3.4% YoY, with 1,887 HDB flats rented in May versus the 1,954 recorded in 2018. MoM, rentals were 6% lower compared to the 2,007 seen in April.