Private condo rents drop for 10th consecutive month in November

Rental volume slipped 11%.

Private condominium rents fell for the tenth consecutive month in November, after it posted a 5.3% year-on-year drop on back of lower rental volume.

According to the SRX Property Price Index for Non-landed Private Residential Rentals, rents posted a drop of 0.8% on a month-on-month basis. Rents fell for units in all three sectors--the CCR saw a 0.3% drop, the RCR recorded a 0.7% decline while the OCR posted the largest month-on-month decline at 1.2%.

Rents have declined 5.7% since the start of the year. Rents in November are 9.4% down compared with its peak in January 2013.

An estimated 2,892 private condos were rented in November, representing an 11% decrease from 3,251 units rented in October. Year-on-year, rental volume in November 2014 is 9.8% higher compared to 2,633 units rented in November 2013.