Condo and HDB Rental Prices Continue 3rd Monthly Decline Amidst Unsettled Covid-19 Pandemic

10 Jun 2020
Property Data
A. Non-Landed Private Residential Rental Market

1.   May 2020 rents decrease 1.4% from April 2020. CCR, RCR and OCR rents decrease by 1.6%, 1.6% and 1.2%, respectively.

condo rental price index 2020 may
condo rental price index by region 2020 may
  • Year-on-year, overall rents remain unchanged from May 2019.
  • Year-on-year, rents in both CCR and RCR increase by 0.4% while OCR rents decrease by 0.7%.
  • Rents are down 17.3% from the peak in January 2013

2. Volumes increase 1.0% month-on-month. An estimated 2,881 units are rented in May 2020 as compared to 2,853 units in April 2020.

condo rental volume 2020 may
  • Year-on-year, rental volumes are 45.7% lower.
  • Volumes are 38.8% lower than the 5-year average volume for the month of May.
  • Breaking down by regions, in May 2020, 43.0% of the total volumes are from OCR, 31.6% from RCR and 25.4% from CCR.

B. HDB Rental Market

1.   May 2020 HDB rents decrease 1.3% from April 2020. Mature and Non-Mature Estates rents decrease by 1.6% and 1.0% respectively.
 According to room types, 3 Room, 4 Room and 5 Room rents fall by 1.8%, 0.6% and 1.5% respectively, while Executive Room rents remain stable.

hdb rental price index 2020 may
hdb rental price index by flat type 2020 may
  • Year-on-year, overall rents decrease by 0.8%.
  • Year-on year, Mature Estates rents decrease by 2.1% while Non-Mature Estates rents increase by 0.5%.
  • Except for 4 Room rents which remain unchanged, all room types experience rent decreases year-on-year: 3 Room by 1.3%, 5 Room by 1.8% and Executive Room by 0.1%.
  • Rents are down 15.6% from the peak in August 2013.
hdb rental price index by estate type 2020 may
hdb rental price index by estate type table 2020 may

2.   Volumes decrease 4.2% month-on-month. An estimated 1,147 HDB flats are rented in May 2020 versus 1,197 units in April 2020.

hdb rental volume 2020 may
  • Year-on-year, rental volumes decrease by 45.1% from May 2019.
  • Volumes are also 42.0% lower than the 5-year average volume for the month of May.
  • Breaking down by room types, in May 2020, 35.3% of the total volumes are from 4 Room, 33.5% from 3 Room, 25.8% from 5 Room and 5.4% from Executive Room.
Concierge
combines advanced technology with personalized service to help you achieve your property goals.