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Rental volume increased

Rental volume increased

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SINGAPORE — Non-landed private residential rents were down by 1 per cent in March from the previous month, while HDB rents decreased by 0.5 per cent, according to the SRX Property flash report released Wednesday.

On Tuesday, SRX Property estimates showed that private non-landed home resale transactions surged 51.8 per cent in March from a month ago to an estimated 1,058 units, while prices inched up by 0.5 per cent in a fifth straight month of increase, underlining the bullish sentiment in the market. Upcoming executive condo launches include Hundred Palms Residences, Yio Chu Kang EC, Inz Residence EC, Choa Chu Kang EC, Anchorvale Lane EC,  while existing ones include The Terrace EC, Brownstone EC, The Vales EC, Parc Life , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC and Northwave EC. Hundred Palms details will be available shortly. Hundred Palms EC showflat will also be ready soon.

The reduced rental rates were slightly more pronounced in non-landed private residential units located in the core central region and the rest of the central region, where rents were down by 1.2 per cent and 1.3 per cent respectively, versus the 0.7 per cent slip in rental rates in units outside the central region.

According to the SRX Property Price Index for non-landed private rentals, year-on-year rents in March 2017 were down by 3.9 per cent from March 2016. Overall, rental rates were down 19.1 per cent compared to the peak in January 2013.

The price change was revised from 1.1 per cent to 0.7 per cent in February 2017.

Rental volume however increased by 14.6 per cent over the previous month. According to SRX Property, an estimated 4,549 non-landed private residential units were rented in March, compared to 3,971 units rented in February. This was still 1.3 per cent lower than the 4,611 units rented in March last year.

The HDB rental market fared better, where HDB rents shrank by 0.5 per cent in March from the previous month. According to the SRX Property Price Index for HDB rentals, HDB 4-room units saw the smallest reduction in rental rates, falling by 0.2 per cent. In contrast, HDB Executive units slipped by 2.7 per cent while HDB 3-room units fell by 1.1 per cent.

Year-on-year, HDB rents in March 2017 were down by 4.7 per cent from March 2016, and rents last month were down 13.9 per cent compared to its peak in August 2013.

There was no revision to the price change of -0.5 per cent in February 2017.

The HDB rental market saw volumes increase by 32.3 per cent, where an estimated 2,045 HDB flats were rented in March, compared to 1,546 units rented in February. Year-on-year, rental volume in March 2017 decreased by 7.5 per cent from March 2016.

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