by OrangeTee & Tie Pte Ltd.

Condo, HDB rents rise at quicker pace in May; more units leased

SRX Rental Data

Singapore, 15 Jun 2022

Last month, the cost of renting Housing Board apartments and private apartments increased more, and more apartments were rented, reversing the previous month's decline.

According to flash data from property portals 99.co and SRX provided on Wednesday, condominium rents increased at a faster rate of 2.8% than April's 2.3%. (June 15). When compared to the previous month, HDB rents increased by 2.4%.Condo rent rise has now continued for 17 months, while HDB rent growth has continued for 23 months.

Housing stock is tightest in the suburbs and rents there may trend higher in the coming months, noted OrangeTee & Tie senior vice-president of research and analytics Christine Sun.

"As rental prices continue to rise and inflationary pressures build up, we may expect more tenants to rent smaller units or move away from the city centre," she said, noting that private homes in the suburbs tend to come with cheaper rents. Rents for HDB flats rose across all flat types in both mature and non-mature estates. Compared with May last year, HDB rents are 16.2 per cent higher. Many tenants are signing two-year contracts to lock in a lower rental rate, while others are accepting longer leases to secure a unit of their choice, Ms. Sun said.

Meanwhile, condo rental volume rebounded by 11.7 per cent to an estimated 4,185 units last month, compared with 3,748 in April. Additionally, more HDB apartments were rented last month, up 8.4% to an anticipated 1,617 units from 1,492 the month prior.

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