Condo rents dipped 0.4% in September

The CCR saw the fastest decline in rents at 1.1% MoM.

Condo rents dipped 0.4% MoM but rose 3.2% YoY in September, which is 16.9% lower than its peak in January 2013, according to an SRX report.

The core central region (CCR) saw the fastest decline in rents at 1.1% MoM. It is followed by the rest of central region (RCR) at 0.2% and outside central region (OCR) at 0.1%. On a YoY basis, rents grew 4.0%, 2.8% and 2.9% respectively.

HDB flat rents also dipped 0.3% MoM but grew 1.1%. The rent has fallen 14.8% from the August 2013 peak.

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Five-room and executive rents edged up 0.1% and 0.2% MoM respectively, but three-room and four-room rents slipped 1.1% and 0.3%. Non-mature estate rents rose 0.1% whilst mature estate rents declined by 0.7%.

Condominium rent volumes also fell for the second consecutive month to 11.9% MoM or 7.3% YoY to 4,139 in the same month. The OCR accounted for most of the volume at 39.1%, followed by RCR and CCR at 31% and 29.9%, respectively.

OrangeTee & Tie noted that the drop in rents prices and leasing volume could be partly attributed to a pullback in hiring as firms have become more cautious.

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