HDB rents up 0.5% in Oct amid supply crunch; fewer condo units leased

Housing Board rents were slightly higher in October, up 0.5 per cent from the previous month.

Rents increased by 0.9 per cent in mature estates, but non-mature estates experienced a 0.2 per cent decline for the month.

On Nov 20, SRX said that the HDB rental market is experiencing upward pressure on prices due to a constrained supply of available flats.

Mr Luqman Hakim, chief data and analytics officer at 99.co, said: "The limited number of units reaching the minimum occupation period has intensified the supply crunch, pushing rents higher. This trend is likely to sustain rental growth through the end of 2024, with potential increases of 2 per cent to 3 per cent."

By room types, rents were up 1.2 per cent for three-room flats, 0.7 per cent for five-room flats and 0.8 per cent for executive flats. Meanwhile, rents for four-room units dipped 0.3 per cent.

Overall rents gained 4.6 per cent on the year, with both mature and non-mature estates logging 5.6 per cent and 3.5 per cent gains, respectively.

Year on year, executive flats recorded the largest rental price increase at 6.4 per cent, followed by three-room flats at 5.6 per cent. Five-room units rose 4.1 per cent, and four-room flats were up by 3.9 per cent.