The Rental Market Plummets Down Mountain With No Brakes

A. Non-Landed Private Residential Rental Market

1. Private rents declined 0.3%. According to the SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.3% in July 2015 compared to June 2015. Non-landed Private Residential units in CCR, RCR and OCR experienced decreases in rents of 0.4%, 0.2% and 0.3% respectively.

According to the SRX Property Price Index for Non-landed Private Rentals:

• Year-on-year, rents in July 2015 are down 5.7% from July 2014.
• Rents in July are 12.5% down compared with its peak in January 2013.
• Rents change in June has been revised from a 0.5% decrease to a 0.3% decrease.

2. Rental volume increased 7.3%. According to the SRX Property, an estimated 4,147 Non-landed Private Residential units were rented in July 2015. This represented a 7.3% increase from 3,866 units rented in June 2015.

• Year-on-year, rental volume in July 2015 is 18.2% higher than 3,508 units rented in July 2014.

B. HDB Rental Market

1. HDB rents slipped 0.1% in July. According to the SRX Property Price Index for HDB Rentals, rents slipped by 0.1% from June to July 2015. HDB 3, 4 and 5 Room flats posted a 0.4%, 0.1% and 0.2% decrease in rents respectively, while Executive flats saw a 0.5% increase in rents.

According to the SRX Property Price Index for HDB Rentals:

• Year-on-year, rents in July 2015 are down 0.7% from July 2014.
• Rents in July are 6.1% down compared with its peak in August 2013.
• There is no revision for rents change in June.

According to the SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

• Rents in Mature Estates experienced a 0.2% increase, while rents in Non-mature Estates posted a 0.4% decrease in July 2015.
• Year-on-year, rents of Non-mature Estates in July 2015 dropped 1.4% from July 2014.
• Year-on-year, rents of Mature Estates in July 2015 slipped 1.1% from July 2014.

2. HDB rental volume decreased 5.4% in July. According to the SRX Property, an estimated 1,692 HDB flats were rented in July 2015, a 5.4% decrease from 1,788 units rented in June 2015.

• Year-on-year, rental volume in July 2015 is almost flat compared to 1,698 units rented in July 2014.