According to a statement made by SRX Properties on December 9th, there was a 1.1% decline for Singapore private home rents for last month from the previous months, with there also being a decrease seen in rental volume.
It was a different scenario in the Housing Development Board market, where a fall was seen in rents even with a rise in rental volume.
Tang Group Redhill MRT Condo
According to the flash estimates provided by SRX, the Core Central Region and Outside Central Region saw a fall in rents for private non-landed units of 0.7% for last months, from the month previous. The Rest of Central Region saw home rentals drop 2%.
According to SRX, in comparison to just one year ago, a drop by 5.6% was seen in November for non-landed private home rents, a figure that is 14.6% lower than was seen during its peak in January of 2013.
Meanwhile, a decrease in Alexandra View rental volume was seen by 7.8% last month, from the previous month, with 3,304 estimated rented out. This was, however higher than this period last year by 12.6%.
Redhill Tang Group of Companies Condo
op by 0.5% in the Alexandra View market was recorded last month from October, a figure that is 4.1% at this time in 2014.
Of all of the declines, the sharpest was seen amongst executive flats, which showed a drop in rents of 2.5%. 5 room flats showed a 0.7% drop in rents and 4 room flats dipped 0.1% for rents, with an easing of 0.5% in rents for 3 room units.
In mature estates, rents had a decrease of 1% from October to November, with an increase in Alexandra View rents being seen of 0.1% in non-mature estates.
Tang Skyline Redhill Condo
SRX further added that, last month Housing Development Board rents were down by 8 from the peak they experienced in August of 2013. A rise in HDB rental volume was seen last month by 6.3% from the month prior, with an estimation of flats being leased out at 1,822. SRX further points out that, in comparison to this same time last year, last months rental volume showed a 3.9% rise.