This was buoyed by the 0.3 per cent and 0.4 per cent uptick in the Core Central Region (CCR) and Outside Central Region (OCR) respectively, while the Rest of Central Region (RCR) saw a 0.1 per cent dip.
It also followed a 0.6 per cent rental increase islandwide in June, a revised figure from 0.5 per cent, SRX Property said on Thursday.
While rents in the public housing market continued to slip by 0.1 per cent in July from June, dragged by rental falls in bigger flats, the decline is more moderate than the 0.8 per cent drop in June.
Rental volume for HDB flats in July also grew 6.7 per cent from June to an estimated 1,835 transactions.
The latest data seems to suggest that both private non-landed and HDB rental markets are stabilising and the declines are likely to ease further. But property consultants are still expecting continued rental weakness to persist till at least next year.
"I believe the leasing market is slowly finding a bottom, especially with fewer completions in the pipeline," said Lee Nai Jia, who heads research at Edmund Tie & Company.
"Notwithstanding, the rental market remains largely subdued and only rents of properties in choice locations close to either MRT stations or growth clusters remain resilient."
Dr Lee is projecting a 1.5-2.5 per cent easing of rents for private non-landed homes for the whole of 2017, and rents to slide further by 1-3 per cent next year.
ZACD Group head of research and consultancy Nicholas Mak reckoned that the earliest for private non-landed rentals to recover in a sustained manner would be next year, depending on the strength of the employment market.
This year, there will be around 16,400 private homes being completed - almost double the number of homes to be completed each in 2018 and 2019, he said.
"The mismatch between supply and demand will continue to weigh down on the occupancy rate as well as rentals of residential properties this year."
Non-landed private rents in July remained 0.1 per cent lower from the beginning of the year, SRX Property data shows.
Compared to a year ago, private non-landed rents islandwide were still down 2.7 per cent in July, with all regions - CCR, RCR and OCR - posting declines of 1.9 per cent, 3.8 per cent and 2.5 per cent, respectively.
Non-landed private rents in July were 18.9 per cent lower compared to its peak in January 2013.
The Business Times
Source: SRX (11 Aug 2017)