{"id":74201,"date":"2024-04-18T14:24:04","date_gmt":"2024-04-18T06:24:04","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=74201"},"modified":"2024-04-19T01:08:59","modified_gmt":"2024-04-18T17:08:59","slug":"condo-hdb-rental-prices-march-2024","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/condo-hdb-rental-prices-march-2024\/","title":{"rendered":"Market trend analysis (March 2024): Condo & HDB volumes & prices in March"},"content":{"rendered":"
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Condo rental market March 2024<\/h2>\n

March 2024 rents increased by 0.3% from February 2024<\/h3>\n

The rental market saw a slight uptick in March 2024, with a modest increase of 0.3% from the previous month. However, this change was not consistent across all regions. The Core Central Region (CCR)<\/a> and the Rest of Central Region (RCR)<\/a> experienced an increase of 0.3% and 0.9%, respectively. In contrast, the Outside Central Region (OCR)<\/a> saw a decrease of 0.3%.<\/p>\n

\"condo<\/a>
A 0.3% increase may not seem as much but it’s still an increase.<\/figcaption><\/figure>\n

Taking a year-on-year approach, the rental market experienced an overall decline of 3.4% from March 2023. This decline was more significant in some regions than others, with a 5.5% decrease in CCR, 2.6% in RCR, and 2.1% in OCR. These figures indicate that there has been a considerable regional disparity in rental market trends over the past year.<\/p>\n

Read more about Singapore’s different regions: <\/strong>Singapore\u2019s 28 districts mapped across the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR)<\/a><\/em><\/p>\n

Volumes increased by 19.1% month-on-month<\/h3>\n

The rental market saw a significant surge in activity, with a 19.1% increase month-over-month. Last month, roughly 5,677 units were rented compared to 4,766 units in February 2024.<\/p>\n

Year-over-year, rental volumes were up by 14.9%, although they were still 6.9% below the five-year average volume for March.<\/p>\n

\"condo<\/a>
We almost saw an even distribution of the volumes in March 2024.<\/figcaption><\/figure>\n

In terms of regional breakdown for March 2024, the OCR made up the largest portion of total rental volumes at 36.4%. The RCR contributed 32.6%, while the CCR accounted for 31.0%.<\/p>\n

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HDB rental market March 2024<\/h2>\n

March 2024 HDB rents increased by 0.6% from February 2024<\/h3>\n

The Housing and Development Board (HDB) rental rates experienced a slight increase of 0.6% in February 2024, with both Mature Estates and Non-Mature Estates<\/a> seeing the same increase. Each room type also saw a month-on-month increase, with 3-room units experiencing a 0.8% rise, 4-room up 0.3%, 5-room up 1.5%, and Executive units up 1.3%.<\/p>\n

\"condo<\/a>
Higher than the condos in March 2024, HDB rental prices rose 0.6%.<\/figcaption><\/figure>\n

Looking at the bigger picture, the HDB rental market has seen significant growth over the past year, with an overall increase of 8.2% since March 2023. Mature Estates experienced a 7.5% rise in rents, while Non-Mature Estates saw an 8.9% increase. Year-on-year rent increases were also observed in each room type, with 3-room units up by 6.4%, 4-room by 9.2%, 5-room by 8.6%, and Executive units by 10.0%. These figures suggest a robust upward trend in the HDB rental market.<\/p>\n