{"id":73606,"date":"2024-03-19T18:09:52","date_gmt":"2024-03-19T10:09:52","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=73606"},"modified":"2024-03-26T11:32:08","modified_gmt":"2024-03-26T03:32:08","slug":"hdb-rental-prices-new-high-condo-rental-lowest-since-jan-2023","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/hdb-rental-prices-new-high-condo-rental-lowest-since-jan-2023\/","title":{"rendered":"HDB rental prices at new high; Condo rental lowest since Jan 2023"},"content":{"rendered":"
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In our previous property market update, we discussed <\/span>the stabilisation of HDB and condo rental prices<\/span><\/a>. However, just a month later, significant shifts have been observed.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

HDB rental <\/a>prices have soared to a new high, contrasting with the ongoing decline in condo rental rates.<\/span><\/p>\r\n\r\n\r\n\r\n

The bigger picture<\/b><\/h2>\r\n\r\n\r\n\r\n

According to Mr Luqman Hakim, Chief Data & Analytics Officer at 99.co, condo rental prices experienced a notable downturn in February 2024, marking the lowest point since January 2023.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

This decline, persisting for 13 consecutive months, is attributed to an oversupply of properties flooding the market in 2023. The surplus has exerted downward pressure on rental prices, benefiting tenants seeking more affordable housing options.<\/span><\/p>\r\n\r\n\r\n\r\n

Conversely, HDB rental prices have surged to unprecedented levels in February 2024, following a brief dip the previous month.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

This upward trend can be attributed to heightened demand from renters seeking respite from inflationary pressures. Condominium rentals<\/a>, being comparatively pricey, have driven more tenants towards HDB units, thus bolstering their rental prices.<\/span><\/p>\r\n\r\n\r\n\r\n

Rental volumes for both HDB and condo properties witnessed a decline in February, primarily due to the <\/span>Chinese New Year festivities<\/span><\/a>. However, it is anticipated that rental activities will regain momentum in the second quarter of 2024.<\/span><\/p>\r\n\r\n\r\n\r\n

Read more:<\/b> Analysis: Will HDB rental fees decrease in 2024?<\/span><\/a><\/p>\r\n\r\n\r\n\r\n

Condo rental market breakdown<\/b><\/h2>\r\n\r\n\r\n\r\n
\"condo<\/a><\/figure>\r\n\r\n\r\n\r\n

Condo rental price trends<\/b><\/h3>\r\n\r\n\r\n\r\n

In February 2024, rents for condominiums experienced a 1.0% decrease from January 2024.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Rental rates in <\/span>Core Central Region (CCR)<\/span><\/a>, <\/span>Rest of Central Region (RCR)<\/span><\/a>, and Outside Central Region (OCR) declined by 1.6%, 0.5%, and 0.6%, respectively.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

On a year-on-year basis, overall condo rents exhibited a 4% decrease compared to February 2023.<\/span><\/p>\r\n

Rather look at condos that will MOP this year?<\/i> Have a read here: <\/span><\/b>Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025<\/span><\/i><\/a><\/p>\r\n\r\n\r\n\r\n\r\n\r\n

Condo rental volume trends<\/b><\/h3>\r\n\r\n\r\n\r\n

Rental volumes witnessed a significant decline of 21.0% month-on-month, with an estimated 4,715 units rented in February 2024, down from 6,017 units in January 2024.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Year-on-year, rental volumes decreased by 7.7%. Notably, rental volumes were 11.9% lower than the 5-year average volume for the month of February.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Region-wise, OCR accounted for 35.8% of total rental volumes, followed by RCR at 32.8% and CCR at 31.4%.<\/span><\/p>\r\n\r\n\r\n

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