Condo rents rise 0.3% MoM but fall 3.7% YoY in August

OCR led sub-markets in a sequential rent increase.

Condo rents rose by 0.3% MoM but fell 3.7% YoY in August, data from 99.co and SRX showed. 

Rents also increased across sub-markets on a sequential basis, led by the Outside Central Region (OCR), which saw a 0.6% increase. 

Year-on-year, however, OCR rents fell 3.4%. 

Meanwhile, the Rest of the Central Region (RCR) reported a 0.4% MoM increase and a 3.4% YoY drop in rent. 

The Core Central Region (CCR) reported the steepest YoY rent decline, falling 4.5%. On a sequential basis, CCR’s rents increased by 0.2%. 

Rental volumes also increased in August, rising 3.8% YoY to 6,994 units. MoM, however, volumes fell 14%.

The latest record was 7.6% higher than the five-year average volume for August.

Of the total volume, 35.2% was from the OCR, 34.5% from RCR, and 30.4%  from CCR.