Condo rents up 3.3% in February

Volumes also rose as some contracts were inked before the COVID-19 outbreak.

Condo rents inched up 3.3% YoY and 0.1% MoM in February as all regions continue to report increases, according to SRX data. Rents are still down 15.2% from its January 2013 peak.

Rents in the Core Central Region (CCR) saw the largest growth as it went up 5.1% YoY, followed by the Rest of Central Region (RCR) at 2.9% and Outside Central Region (OCR) at 2.4% over the same period.

On a MoM basis, CCR rents rose 0.9% YoY, OCR rents remained flat, whilst RCR rents dipped 0.4%.

Condo volumes jumped 20.3% YoY and 20.6% MoM in February to 4,830 units rented from 4,006 units in January 2020. Breaking down by regions, OCR accounted for 40.4% of the volume, 32.1% is from RCR, and 27.5% comes from CCR.

On the other hand, HDB rents similarly edged up 2.4% YoY and 0.4% MoM in February, down 13.2% from its August 2013 peak. Executive room rents remained flat, three-room rents rose 2.2% YoY, four-room grew 3.1% YoY and five-room by 2.1% YoY.

Meanwhile, HDB volumes also rose 17.9% YoY in February. Four-room types accounted for 36.1% of total rental volume, 32%  from three-room units, whilst 25.5% and 6.4% from five room and executive room rents, respectively.

“New contracts continued to stream in as most of the new hires were likely confirmed before the virus outbreak,” said Christine Sun, head of research & consultancy of OrangTee & Tie. “Given the tight supply of private housing supply, some landlords were able to raise or maintain their asking rents last month.”

Sun also added that some tenants chose to stay put in their existing units and renewed their tenancy contracts as they may be reluctant to scout for another place.