Condo rents drop 0.2% MoM in October

Rents across sub-markets dropped in October, except for RCR.

Condo rents decreased by 0.2% MoM but increased 10.8% YoY in October, data from 99.co and SRX showed.

Rents dropped across submarkets, except for the Rest of Central Region (RCR), which recorded a marginal increase of 0.8% MoM. 

In the Outside Central Region (OCR), rents decreased by 0.9% MoM, whilst rents fell by 0.3% MoM in the Core Central Region (CCR). 

On a year-on-year comparison, rents across all submarkets increased, rising by 8.2% in the CCR, 12.1 % in the RCR, and 12.2% in the OCR. 

Volumes likewise decreased in October, dropping 5.4% MoM to 5,402 units.
 
The volume was 0.6% YoY higher but 11.4% lower than the five-year average volume for October.

Of the total volume, 34.8% was from the OCR, 34.3% from RCR, and 30.9% from CCR.