A. Condo Rental Market
1. May 2024 rents decrease by 0.5% from April 2024. CCR rents decrease by 0.2%, RCR and OCR rents also decrease by 1.1%, 0.7% respectively.
-
Year-on-year, overall rents decreased by 4.5% from May 2023.
-
Year-on-year, rents in CCR, RCR and OCR decrease by 3.7% , 4.9% and 4.9% respectively
-
Volumes decreased by 12.2% month-on-month. An estimated 5,155 units are rented in May 2024 as compared to 5,874 units rented in April 2024.
-
Year-on-year, rental volumes are 0.4% lower.
-
Volumes are 5.7% lower than the 5-year average volume for the month of May.
-
Breaking it down by region, in May 2024, 35.5% of the total volumes are from OCR, 33.5% from RCR and 30.9% from CCR.
B. HDB Rental Market
1. May 2024 HDB rents decrease by 0.3% from April 2024. Mature Estates rents decrease by 0.8%, while Non-Mature Estates rents increase by 0.5%.
Meanwhile, 3 Room, 4 Room and Executive rents decrease by 0.7%, 0.5% and 0.4%, while 5 Room rents increase by 0.8%.
-
Year-on-year, overall rents increase by 6.2% from May 2023.
-
Year-on-year, Mature Estates and Non-Mature Estates rents increase by 5.9% and 6.9% respectively.
-
Year-on-year, all room types record rent increase: 3 Room by 5.4%, 4 Room by 6.7%, 5 Room by 6.7% and Executive rents by 8.0%.
2. Volumes decrease by 13.2% month-on-month. An estimated 2,558 HDB flats are rented in May 2024 compared to 2,946 units in April 2024.
-
Year-on-year, rental volumes decreased by 12.3% from May 2023.
-
Volumes are 8.0% lower than the 5-year average volume for the month of May.
-
Breaking it down by room type, in May 2024, 35.4% of the total volumes are from 3 Room, 38.1% from 4 Room, 22.0% from 5 Room and 4.5% from Executive.
