A. Condo Rental Market
Based on the new rental data source,
Based on the new rental data source,
- January 2023 rents rise by 1.4% from December 2022. CCR, RCR and OCR rents increase by 1.8%, 1.7% and 0.8% respectively.
- Year-on-year, overall rents increase by 33.2% from January 2022.
- Year-on-year, rents in CCR, RCR and OCR increase by 31.0%, 34.1% and 33.3% respectively.
- Volumes decrease by 0.9% month-on-month. An estimated 6,285 units are rented in January 2023 as compared to 6,345 units rented in December 2022.
- Year-on-year, rental volumes are 15.3% lower.
- Volumes are 7.0% lower than the 5-year average volume for the month of January.
- Breaking it down by region, in January 2023, 37.9% of the total volumes are from OCR, 33.2% from RCR and 28.9% from CCR.
B. HDB Rental Market
Based on the new rental data source,
- January 2023 HDB rents increase by 0.6% from December 2022. Mature and Non-Mature Estates rents increase by 1.4% and 0.2% respectively. Meanwhile, 3 Room, 4 Room, 5 Room and Executive rents increase by 1.3%, 0.1%, 0.3% and 2.9% respectively.
- Year-on-year, overall rents increase by 27.5%.
- Year-on-year, Mature Estates and Non-Mature Estates rents increase by 26.4% and 28.7% respectively.
- Year-on-year, all room types record rent increases: 3 Room by 24.5%, 4 Room by 28.2%, 5 Room by 29.5% and Executive rents by 31.1%.
- Volumes increase by 12.2% month-on-month. An estimated 2,819 HDB flats are rented in January 2023 compared to 2,513 units in December 2022.
- Year-on-year, rental volumes decrease by 16.1% from January 2022.
- Volumes are 5.9% lower than the 5-year average volume for the month of January.
- Breaking it down by room type, in January 2023, 31.6% of the total volumes are from 3 Room, 38.5% from 4 Room, 24.9% from 5 Room and 5.1% from Executive.
Footnote:
We have refreshed the condo rental index values retrospectively this month due to a technical issue. Since December 2022’s report, 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]