Condo rental volumes drop by almost 19% in September

Overall condo rental prices rose by 2.4% year on year.

Condo rental volumes fell 18.6% month on month in September, with an estimated 6,774 units rented, down from 8,318 in August, according to flash data from 99.co and SRX.

Rental volumes are still 5% higher year on year (YoY), and 6.9% above the five-year average for September.

Rents ticked down by 0.1% from August, but remained 2.4% higher than the previous year.

Rental prices rose 2.8% in the core central region, 1.9% in the rest of the central region and 1.7% in the outside central region, YoY.

The report said the figures suggest the market is normalising after a mid-year peak, with underlying demand holding up.

SRX and 99.co said that expatriate demand likely supported the rent prices, whilst additional housing completions expanded tenants’ options.

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