The rental market for private non-landed property picked up in November while it slowed for HDB properties, going by flash data from real estate portal SRX on Dec 12.
Rents for condominiums and private apartments in November increased by 0.6 per cent from the previous month. The monthly decline in rents for October was raised to 0.9 per cent from 0.7 per cent estimated earlier. They were unchanged in August, from an earlier SRX estimate of a 0.1 per cent dip.
Year on year, private rents are up by 0.3 per cent from November 2017. However, compared to their record high in January 2013, they are down by 19.6 per cent.
Going by location, private rents in the prime or core central region (CCR) increased by 1.8 per cent month on month in November while rents in the city fringes or rest of central region (RCR) grew by 0.6 per cent. However, rents in the suburbs or outside central region (OCR) declined by 0.3 per cent.
Year on year, RCR and OCR rents have risen 1.2 per cent and 0.8 per cent respectively, but CCR rents have dropped by 1.5 per cent.
SRX said the number of condo and private apartments leased fell by 11.2 per cent in November to an estimated 3,791 units from 4,271 in October.
Year on year, though, rental volume in November was 11.8 per cent lower than the 4,297 units signed for in November 2017.
Meanwhile, Housing Board flat rents in November dipped 0.5 per cent from October.
Year on year, HDB rents are down by 1.3 per cent from November 2017, and off by 15.8 per cent from their last peak in August 2013.