Condo rent prices up 29.9% in April

Compared to March, RCR and OCR rents are higher, whilst CCR rent prices fell slightly.

Overall condo rents rose 29.9% in April year-on-year. Rents from the core central region jumped 27%.

Rent prices from the rest of central region (RCR) and outside of central region (OCR) soared by 30.8% and 32%, respectively, compared with a year ago.

Compared to March, condo rent prices in April are 1% higher, The RCR and OCR rents rose by 1.7% and 1.6%, respectively, whilst CCR condo rents fell by 0.2% on average compared to prices in March.

Volume-wise, an estimated 5,598 units were rented in April, higher than the 4,920 units rented in March, a 13.8% increase.

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Compared to March 2022, however, condo rental volumes are 5.2% lower, SRX and 99.co said.

Volumes for the month are also 13.3% lower than the 5-year average volume for the month of April.

The OCR accounted for the biggest share of condo rentals transacted, at 35.3%. RCR made up 33.9% of the total volume, whilst the remaining 30.8% were from CCR.