Condo & HDB Rental Prices Ended 2023 With Tepid 2.6% and Strong 10.1% Growth Respectively. Volumes Increased in December 2023. | Singapore Property News

Condo & HDB Rental Prices Ended 2023 With Tepid 2.6% and Strong 10.1% Growth Respectively. Volumes Increased in December 2023.

18 Jan 2024
Property Data

A. Condo Rental Market

1.   December 2023 rents decreased by 0.5% from November 2023. All regions continue to see a decrease in rent prices, CCR by 0.5%, RCR by 1.0% and OCR by 0.6%.

  • Year-on-year, overall rents increased by 2.6% from December 2022.

  • Year-on-year, rents in CCR, RCR and OCR increase by 0.9%, 2.6% and 4.4% respectively.

    fig1 spi condo

    fig2 spi condo region

  1. Volumes increased by 14.0% month-on-month. An estimated 5,644 units are rented in December 2023 as compared to 4,950 units rented in November 2023.

  • Year-on-year, rental volumes are 11.6% lower.

  • Volumes are 12.6% lower than the 5-year average volume for the month of December.

  • Breaking it down by region, in December 2023, 38.2% of the total volumes are from OCR, 33.6% from RCR and 28.2% from CCR.


    fig3 vol condo

    fig4 vol condo region



B. HDB Rental Market

1.  December 2023 HDB rents increase by 1.0% from November 2023. Mature Estates and Non-Mature Estates rents increased by 1.2% and 1.0% respectively. Meanwhile, all room types record rent increases, 3 Room by 2.1%, 4 Room by 0.1%, 5 Room by 1.0% and Executive by 0.9%.


  • Year-on-year, overall rents increase by 10.1% from December 2022.

  • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 10.4% and 10.3% respectively.

  • Year-on-year, all room types record rent increases: 3 Room by 10.5%, 4 Room by 8.9%, 5 Room by 10.7% and Executive rents by 14.7%.


    fig5 spi hdb

    fig6 spi maturity

    fig7 spi maturity table

    fig8 spi flat type

2.   Volumes increased by 7.4% month-on-month. An estimated 2,891 HDB flats are rented in December 2023 compared to 2,693 units in November 2023. 

  • Year-on-year, rental volumes increase by 12.8% from December 2022.

  • Volumes are 0.1% lower than the 5-year average volume for the month of December.

  • Breaking it down by room type, in December 2023, 34.1% of the total volumes are from 3 Room, 36.2% from 4 Room, 24.0% from 5 Room and 5.7% from Executive.


    fig9 vol hdb

    fig10 vol flat type

Concierge
combines advanced technology with personalized service to help you achieve your property goals.