Weak leasing conditions for private condominiums continue to weigh on rents in September but this failed to lift rental volumes from the preceding month.
According to SRX Property flash estimates, rents of private non-landed residential units declined 0.3 per cent in September from a month ago, dragged by rental transactions in the city fringe and suburban areas.
Still, rental volume dipped 4.1 per cent. SRX Property estimated that 3,758 units were rented in September, compared to 3,919 units rented in August. But this marked a 17.7 per cent increase from a year ago.
The Rest of Central Region (RCR) and Outside Central Region (OCR) experienced rental decline of 0.6 per cent and 1.3 per cent respectively whereas the Core Central Region (CCR) saw a one per cent increase.
Year-on-year, rents in September were down 5.6 per cent from September 2014; they were 13 per cent lower than the peak in January 2013. SRX Property said there is no revision to its rental change estimate in August.
In the public housing market, HDB rents remain unchanged in September compared to August, according to SRX Property. HDB three-room, five-room and executive flats posted rental declines of 0.1 per cent, 0.5 per cent and 2.8 per cent respectively, while four-room flats saw a 1.1 per cent increase in rents.
That helped lift HDB rental volume by 0.9 per cent in September from a month ago, with an estimated 1,736 HDB flats rented in September compared to 1,721 units rented in August. This marked a 7 per cent increase year on year.