Non-Landed Private Residential Rents Decline 0.3% in May but are 2.0% higher Year-on-Year; HDB Rental Prices Inch Upwards by 0.1%

A. Non-Landed Private Residential Rental Market

1. Overall rental prices decrease by 0.3% from April 2019. CCR and RCR decrease 0.8% and 0.7% respectively while OCR increases 0.5%.

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

•  Year-on-year, rents rise by 2.0%.
•  Rents are down 17.5% from the peak in January 2013.
•  All region rentals increase year-on-year. CCR and RCR by 1.7% and OCR by 2.4%.
•  Monthly change in index for April 2019 was revised from 0.6% to 0.5%.

2. Volumes decrease by 0.2% from April 2019. An estimated 4,801 units were rented in May 2019 as compared to 4,810 units in the preceding month. Year-on-year, rental volumes are 4.2% lower than the 5,013 rentals recorded in May 2018.

B. HDB Rental Market

1. HDB rents increase 0.1% from April 2019.  3 Room and 5 Room rents rise by 0.9% and 0.6% respectively, while 4 Room and Executive rents fall by 0.5% and 0.7% respectively. Mature Estates rents remain unchanged while those in Non-Mature Estates increase by 0.3%.

According to the SRX Property Price Index for HDB Rentals:

•  Year-on-year, rents increase by 0.4%.
•  Rents are down 15.0% from the peak in August 2013.
•  Mature Estates and Non-Mature Estates rentals increase by 0.3% and 0.4% year-on-year.

2. HDB rental volume decreases by 6.0%. An estimated 1,887 HDB flats were rented in May 2019 versus 2,007 units in April 2019. Year-on-year, rental volumes are 3.4% lower than the 1,954 units rented in May 2018.