Condo and HDB Rents Increase 1.6% and 0.9% Respectively in January 2021

A. Condo Rental Market

1. January 2021 rents increase 1.6% from December 2020. CCR, RCR and OCR rents increase by 2.0%, 1.1% and 1.7% respectively.

• Year-on-year, overall rents increase by 0.3% from January 2020.
• Year-on-year, rents in OCR increase by 2.6% while rents in CCR and RCR decrease by 2.5% and 0.4% respectively.
• Rents are down 15.1% from the peak in January 2013.

2. Volumes increase 11.3% month-on-month. An estimated 4,747 units are rented in January 2021 as compared to 4,266 units in December 2020.

• Year-on-year, rental volumes are 10.4% higher.
• Volumes are 8.5% higher than the 5-year average volume for the month of January.
• Breaking down by regions, in January 2021, 38.7% of the total volumes are from OCR, 32.9% from RCR and 28.3% from CCR.

1. January 2021 HDB rents increase 0.9% from December 2020. Mature and Non-Mature Estates rents increase by 1.4% and 0.4% respectively. 3 Room, 4 Room, 5 Room and Executive rents increase by 0.5%, 1.4%, 0.8% and 1.4% respectively.

• Year-on-year, overall rents increase by 1.7%.
• Year-on-year, Mature Estates and Non-Mature Estates rents increase by 0.8% and 2.7% respectively.
• Year-on-year, rents for 3 Room, 4 Room and 5 Room rents increase by 1.4%, 3.5% and 0.5% respectively while Executive rents decrease by 2.4%.
• Rents are down 12.1% from the peak in August 2013.

2. Volumes increase 14.6% month-on-month. An estimated 1,912 HDB flats are rented in January 2021 versus 1,668 units in December 2020.

• Year-on-year, rental volumes increase by 8.5% from January 2020.
• Volumes are 1.8% higher than the 5-year average volume for the month of January.
• Breaking down by room types, in January 2021, 36.6% of the total volumes are from 4 Room, 34.5% from 3 Room, 23.1% from 5 Room and 5.8% from Executive.