A. Condo Rental Market
1. January 2024 rents decrease by 0.7% from December 2023. Both RCR and OCR rents decrease by 1.6% and 1.0% respectively, while rents in CCR increase by 0.4%.
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Year-on-year, overall rents increase by 0.4% from January 2023.
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Year-on-year, rents in OCR increase by 2.4%, while CCR and RCR decrease by 0.7% and 0.6% respectively.
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Volumes increase by 6.2% month-on-month. An estimated 6,016 units are rented in January 2024 as compared to 5,665 units rented in December 2023.
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Year-on-year, rental volumes are 4.6% lower.
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Volumes are 13.0% lower than the 5-year average volume for the month of January.
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Breaking it down by region, in January 2024, 38.5% of the total volumes are from OCR, 32.6% from RCR and 28.8% from CCR.
B. HDB Rental Market
1. January 2024 HDB rents decrease by 0.7% from December 2023. Mature Estates and Non-Mature Estates rents decrease by 1.2% and 0.3% respectively. Meanwhile, 3 Room, 5 Room and Executive rents decrease by 1.2%, 0.6% and 3.0%. No change to 4 Room rents.
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Year-on-year, overall rents increase by 8.5% from January 2023.
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Year-on-year, Mature Estates and Non-Mature Estates rents increase by 7.5% and 9.7% respectively.
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Year-on-year, all room types record rent increase: 3 Room by 7.8%, 4 Room by 8.7%, 5 Room by 9.2% and Executive rents by 8.2%.
2. Volumes increase by 4.6% month-on-month. An estimated 3,024 HDB flats are rented in January 2024 compared to 2,892 units in December 2023.
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Year-on-year, rental volumes increase by 5.3% from January 2023.
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Volumes are 1.4% higher than the 5-year average volume for the month of January.
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Breaking it down by room type, in January 2024, 33.6% of the total volumes are from 3 Room, 38.4% from 4 Room, 22.8% from 5 Room and 5.2% from Executive.
