Non-landed residential rents to drop 5% YoY in 2024

Savills said two factors might lead to rents failing.

The momentum from the influx of around 18,000 units of new completions and continued economic headwinds may lead to private non-landed rents dropping 5% YoY in 2024, Savills reported.

In 4Q23, rents fell 1.55% QoQ for all bedroom types (1-5 bedrooms).

Rents also fell across market segments, by 1.5% in the Core Central Region (CCR), 0.8% in the Rest of Central Region (RCR) and 2% in the Outside Central Region (OCR).

On a QoQ basis, the average median rents dropped the most for 4-bedroom units (3.9%), followed by the 1-bedroom (1.8%) and 3-bedroom (1.7%) units.

On a YoY basis, average rents rose 4.8% in 2023, lower than the 6% uptick in 2022. RCR rents increased the most (5.3%) followed by the OCR (5%) and the CCR (3%).

Meanwhile, District 1 recorded the highest median rent of $9,000 per month, and District 9 recorded the lowest at $7,650 per month in 4Q23.

Follow the link for more news on

Savills

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia