Private condo rents up 1.9% in January

Rates in the RCR rose 2.3%.

Rental rates for private condominiums in Singapore rose 1.9% MoM and YoY in January, SRX Property revealed. Rates in the rest of the central region saw the highest rental increase of 2.3% MoM.

Meanwhile, rents in the other sectors such as the central core region (CCR) and outside the central region (OCR) also edged up 1.1% and 2.1%, respectively, the firm noted.

“The good rental performance in January could be attributed to more tenants returning to the market after the long year-end holidays,” OrangeTee & Tie head of research and consultancy Christine Sun said.

Also read: Private condo rents could grow 2% in 2019

According to SRX Property, rates for condo rents in January crashed 17.9% compared to their peak in January 2013. On a YoY basis, rates in the RCR (2.5%) and OCR (2.8%) inched up whilst the rates in the CCR posted a 0.1% slip.

The research firm also noted that private condo rental volumes jumped 18.3% to 4,373 units from 3,698 units rented in December. The January volume dipped 4.5% in comparison to the 4,579 units rented a year ago.

“We expect rental volume to continue strengthening this year, after reaching a ten-year high with 88,400 leasing transactions last year,” Sun commented.