Condo rents drop 0.5% MoM in September

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

Condo rents decreased by 0.5% MoM, but increased 13.9% YoY in September, data from 99.co and SRX showed.

Rents dropped across submarkets, except for the Core Central Region which recorded a marginal increase of 0.5% MoM. 

In the Outside Central Region (OCR), rents decreased by 1.3%, whilst rents fell by 0.2% in the Rest of Central Region (RCR). 

On a year-on-year comparison, rents across all submarkets increased, rising by 11.1% in the CCR, 14.9 % in the RCR, and 15.7% in the OCR. 

Volumes likewise decreased in September, dropping 15.2% MoM to 5,713 units.
 
The volume was also 12.7% lower than the September 2022 record and 12.7% lower than the five-year average volume for September.

Of the total volume, 35.7% was from the OCR, 33.1% from RCR and 31.1% from CCR.