Condo rents slip 1.0% MoM in January

Year-on-year rents dropped 4% YoY.

Condo rents decreased by 1.0% MoM and 4.0% YoY in February, data from 99.co and SRX showed.

Rents dropped across submarkets, led by the Core Central Region (CCR), which recorded a decline of 1.6% MoM. 

In the Rest of Central Region (RCR), rents decreased by 0.5% MoM, whilst rents fell by 0.6% MoM in the Outside Central Region (OCR).

On a year-on-year comparison, rents across all submarkets also decreased, slipping by 5.7% in the CCR, 3.9 % in the RCR, and 2.1% in the OCR. 

Rental volumes also dropped in February by 21.0% MoM and 7.7% YoY to 4715 units. 

The volume was also 11.9% lower than the five-year average volume for February.

Of the total volume, 35.8% was from the OCR, 32.8% from RCR, and 31.4%  from CCR.