Condo rents drop 0.3% MoM in March
Rents across sub-markets dropped in March, except for CCR.
Condo rents decreased by 0.3% MoM, but increased 32.3% YoY in March, data from 99.co and SRX showed.
Rents dropped across submarkets, except for the Core Central Region which recorded a marginal increase of 0.1% MoM.
In the Outside Central Region (OCR), rents decreased by 0.2%, whilst rents fell by 0.4% in the Rest of Central Region (RCR).
On a year-on-year comparison. Rents across all submarkets increased, rising by 30.3% in the CCR, 32.4% in the RCR, and 33.3% in the OCR.
Volumes likewise decreased in March, dropping 4.0% MoM to 4,914 units.
The volume was also 22.0% lower than the March 2022 record and 21.2% lower than the five-year average volume for March.
Of the total volume, 36.6% was from the OCR, 34.6% from RCR and 28.8% from CCR.