SINGAPORE – Rents for non-landed private homes and HDB flats weakened in August, both slipping 0.6 per cent from July, according to flash estimates released by SRX Property on Wednesday.
The rents for condominiums and private apartments softened by 1.5 per cent in the outlying districts and 0.6 per cent in the city fringes. But the prime districts saw rents rise by 0.5 per cent. Executive condo owners may sublet their unit after fulfilling the MOP. Recent EC launches include Treasure Crest and Northwave while existing ones include Terrace EC, Brownstone, The Visionaire, Parc Life , Waterwoods EC, Signature at Yishun, Skypark Residences, Wandervale EC, The Vales EC, The Criterion EC, The Amore EC, Bellewaters EC, Bellewoods EC.
Year on year, rents last month were down 4.7 per cent from August 2015, and 17.2 per cent off their peak in January 2013, SRX Property said.
The fall in July’s rents was revised to 0.2 per cent, up from the previous estimate of a 0.4 per cent drop.
An estimated 4,595 units were rented in August, a 3.4 per cent increase over the 4,443 units rented in June. Year on year, rental volume last month was 18.1 per cent higher than the 3,892 units rented in August 2015.
For HDB flats, the rental rise in July after five straight months of decline, proved short-lived. August rents declined for all types: 0.4 per cent for three-rooms, 0.6 per cent for four-rooms, 0.1 per cent for five-rooms and 1.6 per cent for executive units.
SRX Property also revised down the increase in July rents to 0.3 per cent from 0.5 per cent previously.
August rents were down 4 per cent from a year ago, and 10.3 per cent lower than their peak in August 2013.
An estimated 1,719 HDB flats were rented in August, a 0.3 per cent increase from 1,714 units rented in July. But year on year, rental volume last month was 4.1 per cent lower than a year ago.