Headline: Non-landed private rents slipped, HDB rents flat in May. Volume increased year-on-year.
A. Non-Landed Private Residential Rental Market
1. Private rents slipped. According to the SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.6% in May 2015 compared to April 2015. Non-landed Private Residential units in RCR and OCR saw decreases in rents of 0.6% and 1.5% respectively, while CCR experienced a 0.2% increase in rents.
According to the SRX Property Price Index for Non-landed Private Rentals:
· Year-on-year, rents in May 2015 are down 6.0% from May 2014.
· Rents in May are 11.7% down compared with its peak in January 2013.
· Rents change in April has been revised from no change to a 0.1% increase.
2. Rental volume dropped slightly. According to the SRX Property, an estimated 3,337 Non-landed Private Residential units were rented in May 2015. This represented a 3.0% decrease from 3,439 units rented in April 2015.
· Year-on-year, rental volume in May 2015 is 6.2% higher than 3,142 units rented in May 2014.
B. HDB Rental Market
1. HDB rents flat in May. According to the SRX Property Price Index for HDB Rentals, rents were flat in May 2015 compared to April. HDB 3 and 5 Room flats posted a 0.5% and 1.1% decrease in rents respectively, while 4 Room and Executive flats saw a 0.4% and 2.0% increase in rents respectively.
According to the SRX Property Price Index for HDB Rentals:
· Year-on-year, rents in May 2015 are down 2.3% from May 2014.
· Rents in May are 6.0% down compared with its peak in August 2013.
· Rents change in April has been revised from a 0.7% decrease to a 0.5% decrease.
According to the SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:
· Rents in Mature Estates dropped by 0.3%, while posted a 0.2% increase in Non-mature Estates in May 2015.
· Year-on-year, rents of Non-mature Estates in May 2015 have dropped 3.0% from May 2014.
· Year-on-year, rents of Mature Estates in May 2015 have dropped 1.8% from May 2014.
2. HDB rental volume increased slightly. According to the SRX Property, an estimated 1,798 HDB flats were rented in May 2015, a 1.6% increase from 1,770 units rented in April 2015.
· Year-on-year, rental volume in May 2015 is 3.6% higher compared to 1,735 units rented in May 2014.
Source: SRX (10 Jun 2015)