by OrangeTee & Tie Pte Ltd.

More condo and HDB units rented out in December: SRX

SRX HDB Resale Data

SRX HDB Resale Data

SG, 13 Jan 2021

The rental volume for both Housing Board flats and condominium units went up in December as more overseas Singaporeans and long-term pass holders returned to Singapore. Condo leasings rose 5.3 per cent last month to an estimated 4,414 units, compared with 4,193 units in November, according to flash data from real estate portal SRX Property released on Wednesday (Jan 13). The rental volume was 15.4 per cent higher than the five-year average volume for the month of December. However, the full-year 2020 total of 52,333 rental transactions was 11.4 per cent lower than for 2019. HDB rental volume climbed 9 per cent month on month to an estimated 1,774 flats in December, compared with 1,627 units in November.

OrangeTee & Tie senior vice-president of research and analytics Christine Sun said the rising number of foreigners being let go, weak hiring prospects and travel restrictions last year have lowered the total rental transactions for both private residential and HDB markets in 2020, as compared with 2019. "The pandemic seemed to have reversed a decade of rampant growth in rental demand," she said. However, she noted that rental volume increased in December over November as more Singaporeans, permanent residents and long-term pass holders returned to Singapore, with some likely requiring short to mid-term accommodation as they scouted for a more permanent place. "We have also observed more overseas students looking for accommodation during this period of time. Some locals who have just sold their private homes or flats have also rented a unit in the interim as they wait for the completion of their new place," she said.

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