Private Leasing Market Slides Further in November, HDB Rents Rebound: SRX, 99.co

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Private Leasing Market Slides Further in November, HDB Rents Rebound: SRX, 99.co

The Business Times2023-12-27

Condominium rental prices and volumes continued to fall in November to mark the fourth consecutive month of decline, while the Housing and Development Board (HDB) rental market showed signs of a ...

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OCR rents were up 7.7 per cent.Mark Yip, chief executive of Huttons Asia, noted that condo rental prices for November represented the steepest decline since May 2020. He attributed this to landlords who adjusted their expectations for rents in the face of increased supply and waning demand.“Rents of private condos in December 2023 will remain soft, making it the first year since the pandemic that rents will stay flat.” Christine Sun, senior vice-president of research and analytics at OrangeTee & Tee, said rental price growth in the private residential market may continue to moderate in 2024 at around 2 to 5 percent.This would be “remarkably slower” than the 29.7 percent in 2022, and the 12 to 14 percent range forecast for 2023, she added.November’s condo leasing volumes declined as well, falling 8.4 percent month on month to an estimated 4,950 units rented, compared with 5,402 units in October. This was 1.5 percent lower on a year-on-year basis, and down 12 percent from the five-year average volume for the month of November.The OCR accounted for 36.6 percent of total volumes for the month, followed by 32 percent from the RCR and 31.3 percent from the CCR.The decline in rental volumes for condos came as more tenants move to more affordable accommodations such as HDB flats, said Yip of Huttons.“We expect lower volumes to persist towards the end of the year as the holiday season approaches, but pick up again in Q1 of 2024,” said 99.co’s chief data and analytics officer Luqman Hakim. ERA Singapore’s key executive officer Eugene Lim also foresees “stickier” private residential rents for the first quarter of 2024.“Annual values and property taxes are set to rise in 2024, and landlords will find themselves bearing the brunt of the increase amid a softer rental market. This could mean stickier rents in Q1 2024, as some landlords who have strong holding power could hesitate to compromise on rents despite a softer market.” The HDB rental market fared comparatively better in November 2023, with prices increasing 0.8 percent from the previous month after a slight dip in October. Rents for mature estates increased by 1 percent on the month, and 0.6 percent for non-mature estates.All room types recorded rent increases, with executive flat rentals increasing 1.7 percent, followed by four-room flats (0.9 percent), five-roomers (0.7 percent) and three-roomers (0.4 percent).On a year-on-year basis, overall rents in the HDB leasing market were up 12 percent, with mature estate rents growing 11.2 percent, and 13 percent for non-mature estates.Five-room flats booked the largest rent increases on the year at 14.1 percent, followed by executive flats (12.9 percent), four-roomers (12.6 percent) and three-roomers (9.7 percent).Leasing volumes in the HDB space in November were down from the previous month, falling 5.7 percent to 2,693 units rented from 2,856 in October.This was, however, 0.3 percent higher from the five-year average volume for the month of November, and up 10 percent from November 2022.By room type, 37.7 percent of HDB rental volumes were from four-room flats, followed by 33.4 percent from three-roomers, 22.8 percent from five-roomers and 6.2 percent from executive units.Industry watchers were mixed on the outlook for the HDB rental market, with ERA forecasting average rents to grow by up to 10 percent in 2024.“HDB rentals remain an affordable choice for housing in Singapore, and the temporary relaxation of occupancy cap could benefit S Pass holders and work permit holders the most. As a result, this allows more tenants in a single rental flat, helping tenants to offset their rental cost,” said ERA’s Lim.While Sun of OrangeTee & Tee is anticipating a continued decline in HDB stock, she does not foresee a jump in rental growth in the coming year despite the tighter housing market. This is because affordability will continue to be a key concern among tenants, in her view.Huttons’ Yip is likewise expecting HDB rents to stay flat in December 2023, with rents for the full year to book an increase of between 9 and 10 percent.“The change in occupancy rate for larger condo and HDB flats from January 2024 may see a drop in demand as tenants may move from smaller to larger units. Rents of larger units may increase, while the smaller ones may face some pressure,” he noted.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}