HDB rents fall by 0.5% in October

Rentals are waning with 1,602 rented this month.

The HDB was hit by cascading rentals in 3 and 4 room flats this month, posting 0.5% and 1.2 % decreases in rents, respectively.

According to SRX Property, this spoiled rising rentals in 5-room and executive room flats which saw 0.1% and 1.1% increases in rentals, respectively. Year-on-year, HDB rentals are now down by 3.3%.

“Rents in October were down 7.2% compared to its peak in August 2013 (138.2),” SRX Property said.

Meanwhile, rental volume doesn’t paint a prettier picture, decreasing by 3% to 1,602 in October compared to 1,652 units rented last month.

“Year-on-year, rental volume in October 2015 decreased by 7.8% from October 2014,” SRX Property said.