Condo rents up by almost 3% MoM in May

This marked an increase for the 17th consecutive month.

Condo rents went up by 2.8% month-on-month in May 2022, increasing for the 17th consecutive, latest data from 99.co and SRX showed.

Per region, condo rents increased by 2.2% in Core Central Region (CCR), 2.8% in Rest of Central Region (RCR), and 3.3% in Outside of Central Region (OCR).

99 Group’s Head of Research Pow Ying Khuan attributed the increase in OCR rental demand to the reopening of borders between Malaysia and Singapore.

“There may be an increase in rental demand in OCR estates as well as non-mature estates, particularly the ones closer to the border, industrial estates and business parks,” Khuan said.

Meanwhile, condo rental volumes grew by 11.7% m-o-m, with 4,185 units rented in May 2022 compared to 3,748 units rented in April 2022. On a yearly basis, rental volumes are down by 23.7%.

Figures also bared that HDB rents went up by 2.4% in May 2022 compared to April 2022 whilst mature estates rents increased by 1.8% and non-mature estates increased by 3.1%.

Under the HDB rental market figures, three-room, four-room, five-room, and executive rents grew by 2.1%, 1.9%, 3.3%, and 1.6% respectively.

On a yearly basis, overall HDB rents went up by 16.2% whilst mature estates and non-mature estates rents rose by 14.4% and 18.1% respectively.

HDB rental volumes also went up by 8.4% month-on-month, with 1,617 HDB flats are rented in May 2022 compared to 1,492 units in April 2022.

Year-on-year, HDB rental volumes declined by 17.3% from May last year.

Recent cooling measures, geopolitical situation, and stricter pandemic lockdowns prompted foreigners to turn to the rental market.

Increased demand for rents was also due to younger couples and singles who moved out of their family homes during the circuit breaker period.

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