Condo rents rise 0.9% MoM but fall 5% YoY in July

The Rest of the Central Region reported the highest sequential rent increase.

Condo rents rose by 0.9% MoM, but fell 5% YoY in July, data from 99.co and SRX showed. 

Rents also increased across sub-markets on a sequential basis, led by the Rest of the Central Region (RCR) which saw a 1.4% increase. 

Year-on-year, however, RCR rents fell 4.4%. Meanwhile, the  Outside Central Region (OCR) reported a 1.1% MoM increase and a 4.4% YoY drop in rent. 

The Core Central Region (CCR) reported the steepest YoY rent decline, falling 6.3%. On a sequential basis, CCR’s rents increased by 0.1%. 

Rental volumes also increased in July, soaring 35.1% MoM and 11.4% YoY to 8,133 units.  

The latest record was 3.8% higher than the five-year average volume for July. Of the total volume, 38.2% was from the OCR, 33.4% from RCR, and 28.4%  from CCR.