Private home rents fall, Latest Business News - The New Paper

Private home rents fall

This article is more than 12 months old

Rents for condominiums and private apartments fell by 6.2 per cent for the whole of last year, according to flash estimates released by SRX Property yesterday.

Rents last month were down 19.9 per cent compared to their peak in January 2013.

The HDB market saw rents edge up by 0.2 per cent from November, though they still lodged a 3.7 per cent fall for last year.

Compared to their peak in August 2013, HDB rents are now 12 per cent lower.

In the private leasing market, rents fell almost equally across all locations last year - 6.2 per cent in the prime districts, 6.3 per cent in the city fringe and 6.1 per cent in outlying areas.

The number of condo and apartment leasings also dropped last month, down 2.2 per cent. Year-on-year though, rental volume last month was 17.1 per cent higher than in December 2015.

The HDB rental market also saw fewer leasings last month, a 4.6 per cent decrease from November. Year-on-year, rental volume last month fell by 13.5 per cent from December 2015.