Condo rents stay the same in June

Meanwhile, private and HDB rental volumes rose for the third consecutive month.

June condo rents stayed flat from May 2021, with rents in the Outside Central Region experiencing no change.

Rents in the Core Central Region decreased by 0.3% whilst rents in the Rest of Central Region increased by a mere 0.4%.

However, this is still an 8.0% increase in overall rents from June 2020’s rates.

An estimated 5,468 units were rented in June, a 7.6% increase

Housing and Development Board (HDB) rents, on the other hand, increased by 1.0% month-on-month. Mature and non-mature estate rents increased by 0.1% and 1.9%, respectively.

Rents for 5 Room flats saw the highest rent increase at 1.5%, followed by 0.9% for 3 Room, and 0.5% for 4 Room. Executive rents remained unchanged.

Year-on-year (YoY), HDB flat rents increased by 9.2%.

An estimated 1,910 HDB flats were rented in June, a 2.9% increase from the 1,875 units in May.

Y-o-Y, rental volumes decreased by 6.8%.

Despite viewing restrictions, OrangeTee noted that private and HDB rental volumes rose for the third consecutive month.

“Both rental markets experienced strong demand from locals who were renting temporarily after selling their private homes or HDB resale flats in recent months. Prices for both HDB resale flats and resale condominiums have been rising and many people have sold their units quickly to capitalise on the price appreciation,” said OrangeTee Senior Vice President of Research and Analytics Christine Sun.