{"id":70421,"date":"2023-10-27T17:44:34","date_gmt":"2023-10-27T09:44:34","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=70421"},"modified":"2023-10-27T17:44:34","modified_gmt":"2023-10-27T09:44:34","slug":"condo-rental-prices-drop-for-second-consecutive-month","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/condo-rental-prices-drop-for-second-consecutive-month\/","title":{"rendered":"Condo rental prices drop for second consecutive month"},"content":{"rendered":"
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Despite a notable decline in September\u2019s condo rental volumes, there was a subtle increase in condo rental prices. <\/span><\/p>\r\n\r\n\r\n\r\n

In this article, we delve into the trends that shaped Singapore’s housing market in September, focusing on both HDB and condo rental prices. These insights shed light on the evolving preferences of renters and the changing dynamics in the housing sector.<\/span><\/p>\r\n\r\n\r\n\r\n

Overview of September\u2019s rental market<\/strong><\/h2>\r\n\r\n\r\n\r\n

According to Mr. Luqman Hakim, Chief Data & Analytics Officer, “September’s rental volume continued to decline for the second consecutive month despite stable demand on our portal. Tenants are becoming more discerning about rental prices and their lease agreements.”\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

He highlighted a significant shift in tenant preferences, reflecting a more cautious approach towards housing decisions.<\/span><\/p>\r\n\r\n\r\n\r\n

\"SPI<\/a><\/figure>\r\n\r\n\r\n\r\n

Condo rental market<\/strong><\/h2>\r\n\r\n\r\n\r\n

In September 2023, condo rental prices experienced a subtle decline, dropping by 0.5% compared to August 2023.<\/span><\/p>\r\n\r\n\r\n\r\n

“We saw that it hit a ceiling in July 2023. After 2 consecutive months of a rental price decrease, it remains to be seen if we will see a lower rental ceiling”, noted Mr. Hakim.<\/p>\r\n\r\n\r\n\r\n

This change varied across regions: rents in the Core Central Region (CCR) increased by 0.5%, rentals in the Rest of the Central Region (RCR) decreased by 0.2%, and Outside Central Region (OCR) rents witnessed a 1.3% drop.<\/span><\/p>\r\n\r\n\r\n\r\n

Rental volumes followed a similar trend, witnessing a 15.2% month-on-month decrease. The detailed breakdown revealed that 35.7% of total volumes came from OCR, 33.1% from RCR, and 31.1% from CCR.<\/span><\/p>\r\n\r\n\r\n\r\n

Year-on-year data shows an overall increase of 13.9% in rents from September 2022. CCR, RCR, and OCR rents increased by 11.1%, 14.9%, and 15.7% respectively during the same period. <\/span><\/p>\r\n\r\n\r\n\r\n

Read more:<\/b> Condo and HDB rental markets dip in volumes in August 2023<\/span><\/a><\/p>\r\n\r\n\r\n\r\n

Here is an <\/span>overview of the condo rental price changes, year-on-year changes, and the distribution of rental volumes across CCR, RCR, and OCR in September 2023:\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Region<\/b><\/td>\r\nRental price change (%)<\/b><\/td>\r\nRental volumes (%)<\/b><\/td>\r\nYear-on-year change (%)<\/b><\/td>\r\n<\/tr>\r\n
Core Central Region (CCR)<\/span><\/td>\r\n+0.5<\/span><\/td>\r\n31.1<\/span><\/td>\r\n+11.1<\/span><\/td>\r\n<\/tr>\r\n
Rest of Central Region (RCR)<\/span><\/td>\r\n-0.2<\/span><\/td>\r\n33.1<\/span><\/td>\r\n+14.9<\/span><\/td>\r\n<\/tr>\r\n
Outside Central Region (OCR)<\/span><\/td>\r\n-1.3<\/span><\/td>\r\n35.7<\/span><\/td>\r\n+15.7<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n
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Condos to rent for you<\/h4><\/div>\n
See all listings<\/a><\/span><\/div>\n <\/div>\n
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\n FULLY FURNISHED<\/span>\n <\/div>\n
\n \"950\n <\/div>\n
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950 Hougang Street 91<\/div>\n
Singapore 530950 \u00b7 D19<\/div>\n
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\n \"bedroom\"\n -1<\/span>\n <\/div>\n
\n \"bathroom\"\n <\/span>\n <\/div>\n
\n 100 sqft<\/span>\n <\/div>\n <\/div>\n
S$ 950<\/div>\n <\/div>\n
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