A. Non-Landed Private Residential Rental Market
1. Private rents continued to fall. According to the SRX Property Price Index for Non-landed Private Residential Rentals, rents posted a drop of 0.8% in November compared to October. Non-landed Private Residential units in all three sectors (CCR, RCR and OCR) saw decrease in rents of 0.3%, 0.7% and 1.2% respectively.
- November marks the 10th consecutive monthly fall in rents.
- Rents have declined 5.7% since the start of the year.
- Year-on-year, rents in November 2014 are down 5.3% from November 2013.
- Rents in November are 9.4% down compared with its peak in January 2013.
2. Rental volume dropped. An estimated 2,892 Non-landed Private Residential units were rented in November 2014. This is a 11.0% decrease from 3,251 units rented in October 2014.
- Year-on-year, rental volume in October 2014 is 9.8% higher compared to 2,633 units rented in November 2013.
B. HDB Rental Market
1. HDB rents continued to fall. According to the SRX Property Price Index for HDB Rentals, rents posted a decline of 0.1% in November compared to October. HDB 3 and 5-room flats posted declines in rent by 0.2% and 1.0% respectively. 4 room flats rents levelled at 0% in October, while Executive flats saw a pick-up in rents by 3.5%.
- Year-on-year, rents in November 2014 are down 2.2% from November 2013.
- Rents in November are 4.1% down compared with its peak in August 2013.
Source: SRX (10 Dec 2014)