Condo leasing volume down in August; HDB rental demand muted

The condominium rental volume dipped 14 per cent in August, a reversal from July's upward trajectory, while prices continued to increase, rising 0.3 per cent.

An estimated 6,994 units were rented in August, compared with 8,136 in July, based on flash estimates released by SRX and 99.co on Sept 19.

The rental volume was 3.8 per cent higher year on year, but 7.6 per cent lower than the five-year average volume for August.

By region, 35.2 per cent of the total volume came from the outside central region (OCR), 34.5 per cent from the rest of central region (RCR), and 30.4 per cent from the core central region (CCR).

Condo rents were up 0.3 per cent in August, climbing for a second straight month. Prices increased 0.6 per cent in the OCR, 0.4 per cent in the RCR and 0.2 per cent in the CCR.

However, overall rents decreased 3.7 per cent year on year. By region, prices were down 4.5 per cent in the CCR, and 3.4 per cent in both the RCR and OCR.