RESIDENTIAL leasing volumes fell in Singapore for the month of November against rising rentals for condominiums and Housing and Development Board (HDB) flats, which saw their 23rd and 29th straight months of rental increase, respectively.
According to flash estimates from SRX and 99.co on Wednesday (Dec 14), November condo rents rose 2 per cent from the previous month and 34 per cent year on year, driven mainly by contributions from the Outside Central Region (OCR), where rents grew 0.8 per cent from October 36.5 per cent from the year before.
Rents in the Rest of Central Region (RCR) grew 1.5 per cent on month and 33.9 per cent on year, while Core Central Region (CCR) rentals were up 0.8 per cent from the previous month and 30.6 per cent from November 2021.
Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said the dip in leasing transactions for November may be due to more tenants and landlords going on holiday during the year-end period, resulting in fewer house viewings.
She also highlighted a diminishing pool of available condo rental stock, as the trend of tenants signing longer rental leases would progressively lead to fewer homes available for rent.