{"id":74892,"date":"2024-05-17T16:15:53","date_gmt":"2024-05-17T08:15:53","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=74892"},"modified":"2024-05-17T16:15:56","modified_gmt":"2024-05-17T08:15:56","slug":"condo-hdb-rental-april-2024","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/condo-hdb-rental-april-2024\/","title":{"rendered":"Condo rental prices maintain 9-month decline since July 2023 after a brief March rebound; HDB rental prices keep rising"},"content":{"rendered":"
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In April 2024, condo rental prices reached a new low for the year following a brief increase in March. Rental volume experienced a slight uptick but remained within the typical monthly range observed in recent months. With approximately 50 condos having obtained Temporary Occupation Permit (TOP) since 2023 and 20 more expected to TOP in 2024, the surplus supply may continue to exert downward pressure on condo rental prices shortly.<\/p>\n\n\n\n

In contrast, HDB rental prices have consistently been reaching all-time highs. Although the overall price increase for the month was modest at 0.3%, rental prices have generally been on an upward trend since the beginning of the year. Despite the increase in rental prices, HDB rental volume has steadily risen over the past two months. Rental prices for HDB properties may continue to rise as they remain a viable alternative to condo rentals.<\/p>\n\n\n

Before that, read our cover for April’s HDB resale report: April 2024 HDB resale prices up 0.9% as volumes follow suit <\/a><\/i><\/p>\n\n\n\n

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

April 2024 rents decrease by 0.4% from March 2024<\/h3>\n\n\n\n
\"condo
The decline has been happening since July last year. Will we see an uptick next month?<\/figcaption><\/figure>\n\n\n\n

Rents decreased by 0.4% compared to March 2024. This decline varied across different regions, with the Core Central Region (CCR) experiencing a 0.1% increase, the Rest of Central Region (RCR) seeing a 0.2% decrease, and the Outside Central Region (OCR) observing a 0.5% decrease.<\/p>\n\n\n\n

\"condo
We can see the steady decline in prices since April last year.<\/figcaption><\/figure>\n\n\n\n

The year-on-year data showed an overall rental market decrease of 4.6% from April 2023, with the CCR, RCR, and OCR experiencing decreases of 5.2%, 4.3%, and 4.1%, respectively. These changes reflect broader trends affecting the rental market, indicating a general downward pressure on rents across all regions over the past year.<\/p>\n\n\n\n

Volumes increased by 3.1% month-on-month<\/h3>\n\n\n\n
\"condo
By just comparing March 2024 and April 2024, it was a decline. But since last April, there has been an incline.<\/figcaption><\/figure>\n\n\n\n

Rental volumes experienced a 3.1% month-on-month increase in April, with an estimated 5,874 units rented compared to 5,699 units in March 2024. This rise in rental activity suggests a growing demand for rental properties within a relatively short period.<\/p>\n\n\n\n

\"condo
A total of 5,874 units were rented in April 2024, distributed closely equally across the three regions.<\/figcaption><\/figure>\n\n\n\n

On a year-on-year basis, rental volumes were 4.4% higher in April 2024. However, despite this increase, volumes were still 6.0% lower than the five-year average for April. When broken down by region, 35.4% of the total rental volumes came from the Outside Central Region (OCR), 32.1% from the Rest of Central Region (RCR), and 32.4% from the Core Central Region (CCR). This distribution highlights significant rental activity across all regions, with a slightly higher concentration in the OCR.<\/p>\n\n\n

Read this: Are integrated condos really worth their price premium? <\/a><\/i><\/p>\n\n\n\n

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

April 2024 HDB rents increase by 0.3% from March 2024<\/h3>\n\n\n\n
\"hdb
Not a big jump month-on-month but a large leap upwards from last year’s numbers.<\/figcaption><\/figure>\n\n\n\n

HDB rents saw a modest increase of 0.3% compared to March 2024. This rise was driven by a 0.7% increase in rents for Mature Estates, while Non-Mature Estates saw a decrease of 0.3%. Rents for 3-room, 4-room, and executive flats increased by 0.6%, 0.5%, and 0.1% respectively, whereas 5-room flats experienced a decrease of 0.4%. These variations illustrate the diverse trends in rental prices across different estates and flat types.<\/p>\n\n\n\n

\"hdb
A steady increase in prices could indicate stronger demand for HDB flats.<\/figcaption><\/figure>\n\n\n\n

Looking at the year-on-year data, overall HDB rents in April 2024 saw a significant increase of 7.6% compared to April 2023. Rents in Mature Estates rose by 7.8%, while Non-Mature Estates experienced a 7.3% increase. Additionally, all room types recorded rent increases: 3-room flats by 6.4%, 4-room flats by 8.6%, 5-room flats by 7.4%, and executive flats by 10.1%. This upward trend in rents across all categories indicates a strong demand for HDB flats over the past year.<\/p>\n\n\n

Thinking of upgrading from rent to own? Read this: How to upgrade from HDB rental to HDB flat ownership? <\/a><\/i><\/p>\n\n\n\n

Volumes increased by 9.2% month-on-month<\/h3>\n\n\n\n

The rental volumes for HDB flats in April 2024 showed a month-on-month increase of 9.2%, with an estimated 2,941 units rented compared to 2,692 units in March 2024. However, when looking at year-on-year data, rental volumes decreased by 9.5% compared to April 2023, indicating a longer-term decline in rental activity.<\/p>\n\n\n\n

\"hdb
A healthy share of volume distribution is a good sign.<\/figcaption><\/figure>\n\n\n\n

Additionally, rental volumes in April 2024 were 9.7% lower than the five-year average for April. When categorised by room type, 33.3% of the total volumes came from 3-room flats, 36.9% from 4-room flats, 24.4% from 5-room flats, and 5.4% from executive flats. This breakdown highlights the differing demand across different flat types, with 4-room flats being the most rented, followed by 3-room and 5-room flats, and a smaller proportion of executive flats.<\/p>\n\n\n\n

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Conclusion<\/h4>\n\n\n\n
\"singapore
Whether it’s a condo or an HDB, keeping up-to-date with price trends is a good way to stay informed.<\/figcaption><\/figure>\n\n\n\n

The condo rental market experienced a downward, while rental volumes increased by 3.1% month-on-month in April 2024, with 5,874 units rented.\u00a0This\u00a0may suggest a resilient demand for condos due to the ongoing price decline.<\/p>\n\n\n