Condo, HDB rents rise in October


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Results across regions, room-types a mixed bag for both markets.
Condo rents edged up 0.3% YoY in October compared to a year earlier, with the jump in Outside of Central Region (OCR) rents largely offset by decreases in condo rent prices in the Core Central Region (CCR) and Rest of Central Region (RCR).
Compared to October 2019. CCR and RCR dropped by 1.6% YoY and 1.8% YoY respectively, whilst OCR rents increase by 3.2%YoY .
Condo rents in October also recorded 0.3% MoM climbed from September, with RCR and OCR rents rising by 0.6% MoM and 0.3% MoM, respectively, whilst CCR rents decrease by 0.2% MoM.
Overall, condo rent prices are down 16.8% from the peak in January 2013.
Volume-wise, condo rentals increase 6.3% MoM in October for a total of 4,409 units moves, compared to the 4,148 units in September 2020. However, this is 4.1% lower compared to volumes recorded in October 2019.
Breaking down by regions, 39.1% of the total volumes are from OCR, 33.1% from RCR and 27.8% from CCR.
HDB rents up 0.8% in October Meanwhile, HDB rental prices rose by 0.8% YoY during the same month compared to October 2019.
Results across classifications were mixed, with 3 Room and 4 Room rents rising by 0.8% and 1.5%, respectively, whilst on the other hand 5 room rents stayed flat and executive rents dropped by 2.1%.
Mature estate rents and non-mature estate rents were also a mixed bag, with the former recording a 0.3% decrease in rents whilst the latter rose by 1.9%.
Compared to September, HDB rents improved with a 0.7% increase. Both mature estates and non-mature estates rents reported increases, rising by 0.6% and 0.8% respectively.
Meanwhile, 3 Room, 4 Room, 5 Room and Executive rents increase by 0.6%, 1.0%, 0.8% and 0.5% respectively.
HDB rental volumes are also 13.9% higher than in September, with an estimated 1,734 HDB flats are rented in October versus 1,523 units in September 2020. But this is still 12.1% lower from October 2019’s volumes, and 8.9% lower than the 5-year average volume for the month of October.
Breaking down by room types, in October 2020, 36.5% of the total volumes are from 4 Room, 35.2% from 3 Room, 21.9% from 5 Room and 6.4% from Executive.
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