A. Condo Rental Market
1. March 2024 rents increase by 0.3% from February 2024. CCR and RCR rents increase by 0.3% , 0.9% respectively, while OCR rents decreases by 0.3%.
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Year-on-year, overall rents decrease by 3.4% from March 2023.
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Year-on-year, rents in CCR, RCR and OCR decrease by 5.5% , 2.6% and 2.1% respectively.
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Volumes increase by 19.1% month-on-month. An estimated 5677 units are rented in March 2024 as compared to 4766 units rented in February 2024.
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Year-on-year, rental volumes are 14.9% higher.
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Volumes are 6.9% lower than the 5-year average volume for the month of March.
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Breaking it down by region, in March 2024, 36.4% of the total volumes are from OCR, 32.6% from RCR and 31.0% from CCR.
B. HDB Rental Market
1. March 2024 HDB rents increase by 0.6% from February 2024. Mature Estates and Non-Mature Estates rents increase by 0.6% and 0.7% respectively. All room types record rent increase month-on-month : 3 Room by 0.8%, 4 Room by 0.3%, 5 room by 1.5% and Executives by 1.3%
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Year-on-year, overall rents increase by 8.2% from March 2023.
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Year-on-year, Mature Estates and Non-Mature Estates rents increase by 7.5% and 8.9% respectively.
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Year-on-year, all room types record rent increase: 3 Room by 6.4%, 4 Room by 9.2%, 5 Room by 8.6% and Executive rents by 10.0%.
2. Volumes increase by 9.8% month-on-month. An estimated 2689 HDB flats are rented in March 2024 compared to 2448 units in February 2024.
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Year-on-year, rental volumes decrease by 12.1% from March 2023.
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Volumes are 11.0% lower than the 5-year average volume for the month of March.
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Breaking it down by room type, in March 2024, 33.6% of the total volumes are from 3 Room, 36.3% from 4 Room, 24.5% from 5 Room and 5.7% from Executive.
