Condo rents down 0.8% in May

But rental volumes went up 12.5%.

Condo rents in Singapore registered a slight decrease in the month of May, down 0.8% compared to the previous month.

According to SRX Property, non-landed residential units rents in CCR, RCR and OCR decreased by 1.8%, 0.5% and 0.4%, respectively.

On a yearly basis, rents in May were down 3.9%, whilst CCR, RCR and OCR posted 3.7%, 3.2% and 4.8% decrease in prices. It was down 19.7% compared to its peak in January 2013.

Meanwhile, rental volume increased in May, registering a 12.5% growth. There are 4,650 condo units rented in the said month, up from the 4,134 units rented in April.

Rental volume was 6.1% higher than last year.

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