Non-Landed Private Residential Rents Increase by 0.6% and HDB Rents Decrease by 0.5% in November 2018

A. Non-Landed Private Residential Rental Market
1. Non-Landed Private Residential rents increase by 0.6% in November 2018. Non-Landed Private Residential rents increase by 0.6% in November 2018 compared to October 2018. In individual sectors, CCR and RCR recorded a rent increase of 1.8% and 0.6% respectively, while OCR rents decreased by 0.3%.

According to SRX Property Price Index for Non-Landed Private Residential Rentals:

•  Year-on-year, rents in November 2018 increased by 0.3% from November 2017.
•  Rents in November 2018 were down by 19.6% from its peak in January 2013.
•  In November 2018, RCR and OCR recorded a year-on-year rent increase of 1.2% and 0.8%, while CCR posted a 1.5% decrease from November 2017.
•  Monthly change in index value for October 2018 was revised to -0.9% from -0.7%.

 

2. Non-Landed Private Residential rental volume decreases by 11.2%. An estimated 3,791 Non-Landed Private Residential units were rented in November 2018. This represents a 11.2% decrease from 4,271 units rented in October 2018.

•  Year-on-year, rental volume in November 2018 was 11.8% lower than 4,297 units rented in November 2017.

B. HDB Rental Market
1. HDB rents decrease by 0.5% in November 2018. HDB rents decrease by 0.5% in November 2018 compared to October 2018. HDB 5 Rooms recorded a rent increase of 0.3%, while HDB 3 Rooms, HDB 4 Rooms and HDB Executive rents decreased by 0.5%, 0.7% and 2.3% respectively. Rents in both Mature Estates and Non-mature Estates decreased by 0.5% and 0.6% respectively as compared to October 2018.

According to SRX Property Price Index for HDB Rentals:

•  Year-on-year, rents in November 2018 decreased by 1.3% from November 2017.
•  Rents in November 2018 were down by 15.8% from its peak in August 2013.
•  In November 2018, both Mature Estates and Non-mature Estates recorded a year-on-year rent decrease of 1.2% and 1.4% respectively from November 2017.
•  Monthly change in index value for October 2018 was revised to 0.4% from 0.3%.

2. HDB rental volume decreases by 10.1%. An estimated 1,706 HDB flats were rented in November 2018. This represents a 10.1% decrease from 1,897 units rented in October 2018.

•  Year-on-year, rental volume in November 2018 was 13.7% lower than 1,976 units rented in November 2017.