Condo rents drop 0.3% MoM in March

Rents across sub-markets dropped in March, except for CCR.

Condo rents decreased by 0.3% MoM, but increased 32.3% YoY in March, data from 99.co and SRX showed.

Rents dropped across submarkets, except for the Core Central Region which recorded a marginal increase of 0.1% MoM. 

In the Outside Central Region (OCR), rents decreased by 0.2%, whilst rents fell by 0.4% in the Rest of Central Region (RCR). 

On a year-on-year comparison. Rents across all submarkets increased, rising by 30.3% in the CCR, 32.4% in the RCR, and 33.3% in the OCR. 

Volumes likewise decreased in March, dropping 4.0% MoM to 4,914 units.
 
The volume was also 22.0% lower than the March 2022 record and 21.2% lower than the five-year average volume for March.

Of the total volume, 36.6% was from the OCR, 34.6% from RCR and 28.8% from CCR.