June sees mixed condo rental market

Rents fell 4.7% YoY, but volume rose 3.5% YoY.

Condo rents dropped by 4.7% YoY in June, data from 99.co and SRX showed.

Rents also fell across sub-markets, led by the Core Central Region (CCR), which saw a 5.7% YoY drop.

The Rest of Central Region (RCR) and Outside Central Region (OCR) reported a 4.6% YoY and 3.9% YoY rental drop, respectively.

Month-on-month, there was no change in the overall rents. Breaking down by regions, CCR and RCR posted decreases of 1.2% MoM and 0.3% MoM, respectively, whilst OCR reported a 0.8% MoM rent increase.

On the other hand, rental volumes rose in June, increasing by 3.5% YoY and 16.8% MoM to 6,020 units.

The latest record, however, was 4.2% below the five-year average volume for June.

Of the total volume, 37.5% was from the OCR, 32.9% from RCR, and 29.6% from CCR.

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