Condo rental prices drop 0.6% to snap growth streak

OCR recorded the sharpest decline amongst market segments.

Condominium rental prices in Singapore slipped 0.6% month on month in May, according to flash estimates from 99.co and SRX, marking the first monthly decline since February.

The Singapore Property Index (SPI) for condo rentals eased to 144.6 in May from 145.4 in April. Rental prices fell across all regions, with the Outside Central Region (OCR) recording the steepest drop at 1.0%.

Prices in the Rest of Central Region (RCR) and Core Central Region (CCR) declined 0.6% and 0.4%, respectively. Based on the flash estimates, the rental price index stood at 146.6 in the CCR, 142.6 in the OCR, and 140.9 in the RCR.

Despite the monthly decline, condo rental prices remained higher than a year ago with overall rental prices rising 1.9% year on year, with the CCR posting the strongest increase at 2.8%, followed by the OCR at 1.4% and the RCR at 0.9%.

99.co and SRX said the latest figures are flash estimates based on historical transaction trends and may be revised in subsequent reports as more rental transactions are confirmed and recorded.

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