CONDO rental volumes reversed from the previous month’s upward trajectory, dropping 14 per cent in August, while prices continued to increase 0.3 per cent from July.
An estimated 6,994 units were rented in August, compared with 8,136 in July, based on flash estimates released by SRX and 99.co on Thursday (Sep 19).
Rental volumes were 3.8 per cent higher year on year, but 7.6 per cent lower than the five-year average volumes in August.
By region, 35.2 per cent of the total volume were from the Outside Central Region (OCR), 34.5 per cent were from the Rest of Central Region (RCR), and 30.4 per cent were from the Core Central Region (CCR).
Condo rents were up 0.3 per cent in August, climbing for a second straight month. Prices increased 0.6 per cent in the OCR, 0.4 per cent in the RCR and 0.2 per cent in the CCR.
However, overall rents decreased 3.7 per cent year on year. By region, prices were down 4.5 per cent in the CCR, as well as 3.4 per cent in both the RCR and OCR.
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Christine Sun, chief researcher and strategist at OrangeTee, said that “rents may have bottomed out” but more data in the coming months is needed to confirm if the market is on a solid recovery path.
“There seems to be an increase in expatriates, international students, and foreign workers entering Singapore lately, resulting in more rental inquiries,” said Sun.
Considering the tight housing supply in the rental market at present, Sun said, “the likelihood of rents dropping significantly is low”.
Wong Shanting, head of research and market intelligence at ERA Singapore added: “While the rental market has started to see some form of recovery, this might be short-lived,
