CONDOMINIUM and Housing and Development Board (HDB) rental prices continued to rise in October despite a significant decrease in condo rental volumes, according to flash estimates from SRX and 99.co released Wednesday (Nov 9).
Rents for the condo market climbed 2.7 per cent from September to mark the 22nd consecutive month of growth, led by a 3.2 per cent month-on-month increase in the Rest of Central Region (RCR). Rentals for the Core Central Region (CCR) and Outside Central Region (OCR) also rose on month by 2.1 per cent and 2.6 per cent, respectively.
Year on year, overall rental prices for condominiums grew by 32.7 per cent with rents in the CCR, RCR and OCR increasing by 31.1 per cent, 34.2 per cent and 32.6 per cent, respectively.
Commenting on the overall surge in rental prices for both condo and HDB markets, OrangeTee & Tie chief executive Steven Tan said landlords may have upped their prices in line with expected interest rates hikes and growing inflation.
"With an overall tight housing situation, renters may have no choice but to accept the increase in rents. In light of the future increase in GST (goods and services tax), property tax, and interest rates, we anticipate rental prices to continue climbing as landlords continue to pass on the increase in costs to their tenants," said Tan.