In our previous flash report cover, we saw a respectable surge in volumes for condo rents while a modest increase in HDB rents. What does it look like for July? Teaser: there are big jumps in numbers!
In July 2024, the rental market stabilised, with a 0.9% increase in condo rental prices and a 1.4% increase in HDB rents month-on-month. Take a look at the graphs below:
Meanwhile, condo rental volumes experienced a surge of 35.1% from the previous month, while HDB rental volumes also increased by 13.8%, as can be seen from the graphs below:
Both markets experienced year-on-year declines in overall rents and volumes, reflecting a lingering softness in demand. Despite the recent uptick in activity, uncertainties remain, particularly with upcoming Employment Pass (EP) renewals, which could impact rental supply and prices in the coming months.
This article covers the main points of the Rental Flash Report for July 2024.
Read this: June 2024 condo rent volumes surged by 16.8%, HDB rents saw slight rise
Table of contents:
Condo rental market
July 2024 rents increased by 0.9%
In the CCR, RCR, and OCR, rental prices saw modest increases compared to the previous month. Specifically, the CCR’s rent increased by 0.1%, while the RCR and OCR experienced more notable increases of 1.4% and 1.1%, respectively.
On a year-on-year basis, overall rents have decreased by 5% from July 2023. Specifically, rents in the CCR saw a decline of 6.3%. In comparison, the RCR and OCR both recorded a decrease of 4.4% over the same period.
Volumes increased by 35.1% month-on-month
The number of units rented in July 2024 is estimated to be 8,133, a notable increase from the 6,020 units rented in June 2024. This indicates a year-on-year increase in rental volumes of 11.4%, demonstrating the market’s resilience compared to the same period last year.
Rental volumes were 3.8% higher than the five-year average, suggesting strong demand that surpasses historical trends. The rental activity by region was distributed as follows: 38.2% from the OCR, 33.4% from the RCR, and 28.4% from the CCR.
HDB rental market
July 2024 HDB rents increased by 1.4% from June 2024
The latest data indicates that rental prices in both Mature and Non-Mature Estates have increased, with rents rising by 1.5% and 1.2%, respectively. Across different room types, rents also experienced increases, with 3-room flats rising by 1.7%, 4-room flats by 1.1%, 5-room flats by 1.2%, and Executive flats by 1.5%.
Year-on-year, overall rents have increased by 4.7% since July 2023. Specifically, rents in Mature Estates rose by 4.9%, while those in Non-Mature Estates increased by 4.4%. All room types recorded rent increases over the past year: 3-room flats by 5.2%, 4-room flats by 3.8%, 5-room flats by 5.1%, and Executive flats by 4.7%.
Volumes increased by 13.8% month-on-month
An estimation of 2,993 HDB flats were rented, indicating an increase from the 2,631 units rented in June 2024. However, the year-on-year rental volumes decreased by 11.6% compared to July 2023, suggesting a decline in overall demand compared to the previous year.
Rental volumes were 5.3% lower than the five-year average for the month, indicating a softer market than historical trends. Distribution by room type was as follows: 32.8% from 3-room flats, 36.9% from 4-room flats, 24.6% from 5-room flats, and 5.7% from Executive flats.
Closing remarks
The recent stabilisation of condo rental prices suggests a possible shift in the market. There was a modest 0.9% increase in July, and transaction volumes have notably risen, indicating potential changes in market dynamics.
However, it’s still too early to be optimistic about the condo rental market for the rest of the year. The upcoming Employment Pass (EP) renewals under the new COMPASS criteria might increase rental supply. Some foreigners may not renew their passes, potentially causing rental prices to drop or stabilise.
Read this: Million-dollar HDB Resale transactions hit ATH again in July 2024; Highest volume since 2010
Comments, data, and information provided by 99.co’s Data Team.
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Disclaimer: This information is intended solely for general informational purposes. 99.co makes no claims or guarantees regarding the information’s accuracy, completeness, or suitability, including, but not limited to, any assertion or assurance regarding its appropriateness for any specific purpose, to the maximum extent allowed by law. Despite all efforts to ensure that the information presented in this article is current, reliable, and comprehensive at the time of publication, it should not be used as the sole basis for making financial, investment, real estate, or legal decisions. Furthermore, this information is not a replacement for professional advice tailored to your unique personal circumstances, and we disclaim any responsibility for decisions made using this information.
About Azhann Rosmin
Azhann Rosmin is a writer who has 6 years of professional forte. He specialises in writing about real estate and lifestyle topics. His coverage mostly focuses on HDBs, condos, BTOs, and landed houses while also favouring topics of food, nightlife, and technology. He has worked in multiple writing positions that include cryptocurrency, fintech, e-commerce, fashion, and cosmetics. Azhann graduated with a bachelor's degree in Applied Linguistics and also writes poetry.
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