Condo rents up 34.4% in December

More condos were rented in December than the previous month, but lower than a year ago.

Condo rents soared 34.4% in December 2022 compared to the same month in 2021, according to official data released by SRX. Compared to November 2022, rents were up 3% during the month.

Rents in the core central region (CCR), rest of central region (RCR), and outside of central region (OCR) climbed 32.1%, 33.8%, and 35.4% respectively compared to December 2021.

Compared to November, CCR, RCR and OCR rents were 3.9%, 2.1% and 2.6% higher, respectively.

By volume, the number of condo rentals that changed hands were 26.6% higher than in November 2022. An estimated 6,345 units were rented in December 2022. Compared to a year ago, however, the volume was 13.4% lower, according to SRX.

By region, most people rented in OCR, which accounted for 38.2% of the volume; 33.5% were from RCR, whilst the remaining 28.3% were from CCR.

For the whole year of 2022, a total of 74,637 condo rent transactions were recorded, 10.2% lower than the total volume in 2021.