A. Condo Rental Market
Based on the new rental data source,
Based on the new rental data source,
- February 2023 rents rise by 3.5% from January 2023. CCR, RCR and OCR rents increase by 3.6%, 3.0% and 4.0% respectively.
- Year-on-year, overall rents increase by 36.2% from February 2022.
- Year-on-year, rents in CCR, RCR and OCR increase by 35.0%, 35.5% and 36.9% respectively.
- Volumes decrease by 18.6% month-on-month. An estimated 5,119 units are rented in February 2023 as compared to 6,285 units rented in January 2023.
- Year-on-year, rental volumes are 0.6% lower.
- Volumes are 2.6% lower than the 5-year average volume for the month of February.
- Breaking it down by region, in February 2023, 36.0% of the total volumes are from OCR, 34.9% from RCR and 29.1% from CCR.
B. HDB Rental Market
Based on the new rental data source,
- February 2023 HDB rents increase by 1.2% from January 2023. Mature and Non-Mature Estates rents increase by 1.7% and 0.8% respectively. Meanwhile, 3 Room, 4 Room, 5 Room and Executive rents increase by 0.6%, 1.8%, 1.4% and 1.8% respectively.
- Year-on-year, overall rents increase by 27.7%.
- Year-on-year, Mature Estates and Non-Mature Estates rents increase by 26.5% and 29.0% respectively.
- Year-on-year, all room types record rent increases: 3 Room by 24.1%, 4 Room by 29.3%, 5 Room by 29.2% and Executive rents by 31.4%.
- Volumes decrease by 7.2% month-on-month. An estimated 2,619 HDB flats are rented in February 2023 compared to 2,822 units in January 2023.
- Year-on-year, rental volumes decrease by 4.1% from February 2022.
- Volumes are 0.6% higher than the 5-year average volume for the month of February.
- Breaking it down by room type, in February 2023, 33.6% of the total volumes are from 3 Room, 36.1% from 4 Room, 24.5% from 5 Room and 5.8% from Executive.
Footnote:
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]