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Rents for HDB, non-landed private homes down last month: SRX

SINGAPORE — Rental prices for Housing and Development Board (HDB) flats and non-landed private residential units fell last month by 0.5 per cent and 0.4 per cent respectively, according to flash figures from SRX Property released today (Nov 12).

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SINGAPORE — Rental prices for Housing and Development Board (HDB) flats and non-landed private residential units fell last month by 0.5 per cent and 0.4 per cent respectively, according to flash figures from SRX Property released today (Nov 12).

The rental prices for HDB flats fell for a third consecutive month, while rents for non-landed private residential homes have fallen for the ninth month in a row.

According to SRX Property data, the rental prices for HDB flats are down by 3.3 per cent year-on-year, or 7.2 per cent from the peak in August 2013.

While five- and executive-room flats saw a 0.1 per cent and 1.1 per cent increase respectively in rents, the rental prices for three- and four-room flats fell 0.5 per cent and 1.2 per cent respectively last month.

For non-landed private residential units, the October figures were down 5.7 per cent year-on-year, and 13.7 per cent below the peak prices in January 2013.

Real estate firm ERA noted that the fall in rental prices for both categories had been expected.

Tight immigration and foreign manpower policies coupled with the high number of completions continue to weigh down on the private rental market, an ERA statement said. Although the HDB rental market is more stable, the depressed leasing conditions in the private residential market will also weigh down on the HDB market, said ERA.

According to SRX Property, an estimated 3,448 non-landed private residential units were rented last month, 2.7 per cent fewer than in September. Still this figure was up 9.4 per cent year-on-year.

As for the HDB market, an estimated 1,602 flats were rented last month, down 3.0 per cent from September. Year-on-year, rental volume last month was down by 7.8 per cent.

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