by OrangeTee & Tie Pte Ltd.

Condo, HDB rents continued to rise in May despite tighter Covid-19 curbs

SRX Rental Data

SRX Rental Data

Singapore, 09 Jun 2021

SINGAPORE - The rental market for both private apartments and Housing Board (HDB) flats in May remained robust despite the tightened Covid-19 measures and border restrictions in place.

Rents for condominium units rose by 0.3 per cent compared with the month before and are up 7.3 per cent from a year earlier. They are still down 11.4 per cent from their peak in January 2013, according to flash data from real estate portal SRX released on Wednesday (June 9).

HDB rents saw a slightly higher increase of 0.7 per cent in May compared with April and are up 7.9 per cent from a year before. However, they are still 9.2 per cent off their highs in August 2013.

With the May increases, condo rents extended their rise to five consecutive months, while HDB rents climbed for 11 straight months. The rise in rents for HDB flats last month was broad-based, climbing for both mature and non-mature estates, as well as all room types.

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