SRX Property says rents for private homes, HDB flats weakened in August

SRX Property says the rents were down by 4.7 per cent in August 2016 compared to last year August.

The SRX Property released flash estimates on Wednesday that showed both the rents for non-landed private homes and HDB flats weakened in August.

According to the flash estimates, the rents for condominiums and private apartments relaxed by 1.5 per cent in the outlying districts while in the city fringes it became 0.6 per cent. However, the prime districts saw rents rise by 0.5 per cent.

SRX Property said when compared to last year August, the rents were down by 4.7 per cent in August 2016.

The decrease in the rents of July was revised to 0.2 per cent, up from the previous estimate of a 0.4 per cent drop.

In August, 4,595 units (estimated) were rented which was 3.4 per cent increase over the 4,443 units rented in June.

The rental volume was 18.1 per cent higher in August this year than the 3,892 units rented in August 2015.

After five straight months of decline, the rental rise for HDB flats proved short-lived.

The August rents declined for all the four types: 0.4 per cent for three-rooms, 0.6 per cent for four-rooms, 0.1 per cent for five-rooms and 1.6 per cent for executive units.

The increase in July rents was also revised by SRX Property. It showed the increase of rents to 0.3 per cent from 0.5 per cent previously, whereas the August rents were down by 4 per cent from a year ago.

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