A. Condo Rental Market
1. September 2023 rents decreased by 0.5% from August 2023. CCR rents increased by 0.5%, RCR rents dropped by 0.2% and OCR rents decreased by 1.3%.
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Year-on-year, overall rents increased by 13.9% from September 2022.
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Year-on-year, rents in CCR, RCR and OCR increase by 11.1%, 14.9% and 15.7% respectively.
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Volumes decreased by 15.2% month-on-month. An estimated 5,713 units are rented in September 2023 as compared to 6,736 units rented in August 2023.
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Year-on-year, rental volumes are 12.7% lower.
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Volumes are 12.7% lower than the 5-year average volume for the month of September.
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Breaking it down by region, in September 2023, 35.7% of the total volumes are from OCR, 33.1% from RCR and 31.1% from CCR.
B. HDB Rental Market
1. September 2023 HDB rents increase by 0.4% from August 2023. Both Mature and Non-Mature Estates rents increased by 0.3%. Meanwhile, 3 Room and 4 Room increased by 0.1%, while 5 Room rents increased by 2.1%. However Executive rents decreased by 0.8%.
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Year-on-year, overall rents increase by 18.2%.
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Year-on-year, Mature Estates and Non-Mature Estates rents increase by 17.2% and 19.2% respectively.
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Year-on-year, all room types record rent increases: 3 Room by 15.7%, 4 Room by 18.2%, 5 Room by 21.6% and Executive rents by 19.5%.
2. Volumes decreased by 7.8% month-on-month. An estimated 2,763 HDB flats are rented in September 2023 compared to 2,998 units in August 2023.
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Year-on-year, rental volumes increase by 20.0% from September 2022.
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Volumes are 5.0% higher than the 5-year average volume for the month of September.
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Breaking it down by room type, in September 2023, 32.8% of the total volumes are from 3 Room, 37.4% from 4 Room, 24.3% from 5 Room and 5.5% from Executive.
