Non-landed and HDB Rents Decrease in September; Year-on-Year still an increase

A. Non-Landed Private Residential Rental Market
1.    Overall rental prices decrease 0.4% from August 2019. All regions experience price decreases: CCR, RCR and OCR decrease by 1.1%, 0.2% and 0.1%, respectively.

• Year-on-year, rents rise by 3.2%.
• Rents are down 16.9% from the peak in January 2013.
• Year-on-year, rentals in all regions increase: CCR by 4.0%, RCR by 2.8% and OCR by 2.9%.

2.    Volumes decrease 11.9% month-on-month. An estimated 4,193 units are rented in September 2019 as compared to 4,759 units in August 2019.

• Year-on-year, rental volumes are 7.3% lower than in September 2018.
• However, volumes are 9.5% higher than the 5-year average volume for the month of September.
• Breaking down by regions, in September 2019, 39.1% of the volume comes from OCR, 31.0% comes from RCR and 29.9% comes from CCR.

B. HDB Rental Market
1.    September 2019 HDB rents decrease 0.3% from August 2019.  5 Room and Executive rents rise by 0.1% and 0.2% respectively, while 3 Room and 4 Room rents fall by 1.1% and 0.3% respectively; Non-Mature Estates rents increase 0.1% while Mature Estates rents decrease by 0.7%.

• Year-on-year, rents increase by 1.1%.
• Rents are down 14.8% from the peak in August 2013.
• All room types experience year-on-year rents increase except for Executive: 3 Room rents increase by 2.0%, 4 Room by 0.7%, 5 Room by 0.7% while Executive rents decrease by 0.2%.
• Mature Estates and Non-Mature Estates rentals increase by 1.3% and 0.8% year-on-year, respectively.

2.    Volumes increase 2.6% month-on-month. An estimated 1,802 HDB flats were rented in September 2019 versus 1,756 units in August 2019.

• Year-on-year rental volumes decrease by 2.6% from September 2018.
• However, volumes are 4.8% higher than the 5-year average volume for the month of September.
• Breaking down by room types, in August 2019, 34.9% of total rental volume comes from 3 Room, 33.9% from 4 Room, 24.8% from 5 Room and 6.3% from Executive.