What are the top submarkets for private non-landed rents in November?

The median rental price for a 3-bedroom apartment in the top market is $15,000/month.

District 9, or the Orchard/River Valley, ranked first amongst the top submarkets for private non-landed rents in November 2022, data from Livethere, Savills’ digital residential marketing arm, showed.

According to Livethere’s November Rental Market Guide, the median rental price for a 3-bedroom apartment in District 9 is $15,000 per month.

Ranking second and third on the list, respectively, are Core Central Region (CCR) submarkets, Boat Quay/Marina/Raffles Place (District 1) and Tanglin/Holland/Bukit Timah (District 10).

The median rental for District 1 and District 10 is $12,400 and $9,750, respectively.

“With the rise in interest rates and impending recession, landlords are pushing rents upward to meet mortgage payments. As a result, many tenants residing in Core Central Region (CCR) are looking to move, but due to tightened budgets, most tenants are seeking cheaper alternatives in the Rest of Central (RCR), or even Outside Core Region (OCR),” Livethere said.

“However, monthly rents for the Rest of Central Region (RCR) and Outside Central Region (OCR) are also escalating,” Livethere added.

In the RCR, particularly in HarbourFront/Telok Belangah (District 4), monthly rents have gone up $11,100 from $7,350 in 2021.

In Clementi/West Coast (District 5) in OCR, monthly rents have risen to $6,400 in November 2022 from $4,950 a year ago.

Overall, monthly rents for high-end non-landed residential projects tracked by Savills Research have shown that rents have risen consecutively since Q211 to reach $5.41 in Q322.

On a quarter-on-quarter (QoQ) basis, the increase was 13.1%.

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