March Rentals at 8-month high in Singapore

Approximately 5,118 condo units were rented out in March, as more people returned to the Lion City, and demand is expected to rise further.

The volume of condominium and HBD rentals increased in March, the latest data in the SRX has shown.

An estimated 5,118 condo units were rented in March 2021, compared to The 3,865 leased in February. For HBD, 1983 flats were rented in March versus the 1,404 leased in February.

“Lease volume typically picks up following the Chinese New Year Celebrations as landlords reopen their homes for viewing and renters flock to the marketplace. There is also a steady flow of PRs, long-term pass holders and pupils returning to Singapore, resulting in greater rental requirement in recent weeks,” said Christine Sun, senior vice president of analytics and research for OrangeTee.

With more condo and HDB volumes came higher rents.

Condo rents rose by 2.4% YoY in March, and by 0.8% MoM Rents in CCR, RCR and OCR increased by 0.3%, 1.5% and 4.4% YoY respectively, and by 1.2%, 0.4% and 0.9% MoM.

HBD rents rose by 3.4% YoY and by 0.5% in comparison with February’s rates. Rent in mature and non-mature estates rose by 2.0% and 5.0% respectively YoY, and by 0.2% and 0.8% respectively MoM.

Sun flagged the continued shortage of houses as a potential driver for rent in the coming months.

“Occupancy is large since many renters have renewed their leases.

Higher rental demand would also be driven by the possible easing of Cross-border travel between Singapore and Malaysia, based on the Outcome of these discussions between both nations.

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