Singapore's rental market showed signs of stabilization in July, with condominium rental prices rising 0.9% and Housing and Development Board (HDB) rents increasing 1.4% from the previous month, data from 99.co and SRX showed.
Condo rental volumes surged past 35% month-on-month to 8,133 units, up from 6,020 in June. Despite this, the year-on-year rental volumes were up by a little over 11%, reflecting a resilient market. Rental activity by region was dominated by the Outside Central Region, contributing 38.2% of the total volumes.
For HDB rentals, July saw an almost 14% increase in volumes, with an estimated 2,993 flats rented compared with 2,631 in June. Year-on-year rental volumes were down by nearly 12%. HDB rents in both Mature and Non-Mature Estates increased, with three-room flats rising by 1.7% and Executive flats up by 1.5%.
Yearly comparisons show a 5% decrease in condo rents, with the Core Central Region declining by 6.3%. HDB rents have increased by 4.7% from July 2023.
Looking ahead, the market faces uncertainties, particularly with the upcoming Employment Pass renewals under the new COMPASS criteria, which could affect rental supply and pricing.