Condo rents went up by 2.9% MoM in March 2022

It rose for the 15th consecutive month, according to property firms.

The condo rental market in Singapore climbed to 2.9%, on a monthly basis, in March 2022 whilst it went up by 14% from March 2021, property firms, 99.co and SRX, said in their report.

According to their analytics, condo rental volumes rose by 21.2% to 4,683 units rented in March 2022 from 3,863 units rented in February 2022. However, on a yearly basis, condo rental volumes are 17.4% lower.

For the HDB rental market, rents increased by 1.4% MoM and 13.5% YoY.

HDB rental volumes were raised by 31.3% MoM from 1,767 HDB flats rented in March 2022 to 1,346 units in February 2022. Year on year, rental volumes declined by 17.2% from March 2021.

Property analyst, OrangeTee, said the rental volume increase could be attributed to safe management measures, which allowed more property viewings and a higher number of deals being closed. 

It also noted that higher demand for rental properties was also due to returning foreign workers and expats after borders reopened.

Huttons CEO Mark Yip said higher HDB rental volume last month stemmed from returning foreign students to private universities.