Condo rents dip by 0.4% in July

An estimated 4,100 units were rented.

Rentals are slowly declining for condos in Singapore, as rents in core central region and outside central region decreased by 0.7% and 1.1% respectively.

According to SRX Property, only rents in the rest of central region increased by 0.8%.

“Year-on-year, rents in July 2016 were down by 4.8% from July 2015. In individual sectors, CCR, RCR and OCR posted 1.6%, 7.0% and 6.3% year-on-year decrease in price, respectively,” SRX Property noted.

SRX Property added that rents are now down by 16.9% from their January 2013 peak.

Meanwhile, rental volume also decreased by 5% from 4,316 units rented the previous month.

“Year-on-year, rental volume in July 2016 was 3.4% lower than 4,243 units rented in July 2015,” the report noted.