A. Condo Rental Market
Based on the new rental data source,
Based on the new rental data source,
- December 2022 rents climb by 3.0% from November 2022. CCR, RCR and OCR rents increase by 3.9%, 2.1% and 2.6% respectively.
- Year-on-year, overall rents increase by 34.4% from December 2021.
- Year-on-year, rents in CCR, RCR and OCR increase by 32.1%, 33.8% and 35.4% respectively.
- Volumes increase by 26.6% month-on-month. An estimated 6,345 units are rented in December 2022 as compared to 5,013 units rented in November 2022.
- Year-on-year, rental volumes are 13.4% lower.
- Volumes are 2.8% higher than the 5-year average volume for the month of December.
- Breaking it down by region, in December 2022, 38.2% of the total volumes are from OCR, 33.5% from RCR and 28.3% from CCR.
- 2022 total volumes are estimated to be 74,637, which is 10.2% lower than 2021.
B. HDB Rental Market
Based on the new rental data source,
- December 2022 HDB rents increase by 2.8% from November 2022. Mature and Non-Mature Estates rents increase by 2.2% and 3.4% respectively. Meanwhile, 3 Room, 4 Room and 5 Room increase by 1.5%, 3.5%, 4.3% respectively while Executive rents decrease by 0.6%.
- Year-on-year, overall rents increase by 28.5%.
- Year-on-year, Mature Estates and Non-Mature Estates rents increase by 25.7% and 31.2% respectively.
- Year-on-year, all room types record rent increases: 3 Room by 24.6%, 4 Room by 29.5%, 5 Room by 31.6% and Executive rents by 27.8%.
- Volumes increase by 5.0% month-on-month. An estimated 2,513 HDB flats are rented in December 2022 compared to 2,394 units in November 2022.
- Year-on-year, rental volumes decrease by 21.3% from December 2021.
- Volumes are 15.4% lower than the 5-year average volume for the month of December.
- Breaking it down by room type, in December 2022, 31.3% of the total volumes are from 3 Room, 38.0% from 4 Room, 24.0% from 5 Room and 6.7% from Executive.
- 2022 total volumes are estimated to be 32,776, which is 1.8% higher than 2021.
Footnote:
We have changed our rental data source to be using only official transactions from HDB and URA. Previously only agency transactions were used. The ‘month’ in this report now refers to the month where the rent commences (i.e. move-in date) instead of the month where the rental contract was submitted to the agency or when rental agreement was signed and concluded.
The base month for current and future reports has also shifted from January 2009 to January 2015. The shift only affects the nominal value of the index when compared to earlier reports index. However, they do not affect the broad price trends observed. If you wish to retrieve the previous indexes, do send an email to [email protected]