New Reporter
19-04-23, 10:33
Residential rent growth to slow, marginal decline expected
April 18, 2023
Residential rents grew despite headwinds
The volume of rental transactions hit a record high of 88,820 transactions in 2021 before easing to 81,375 transactions last year. So far, 11,895 transactions have been recorded for this year.
The continued strong demand has given a boost to rents. The average monthly rent for condominiums in Singapore was $3.33 psf in 2021 before surging to $4.03 psf last year. The current average residential rent is $4.84 psf per month, a growth of 27% since 2013.
This year’s most popular condominium among tenants is Jadescape, with 147 rental transactions at an average rent of $6.78 psf per month. Parc Esta ($7.32 psf per month) and D’Leedon ($5.87 psf per month) took the second and third positions with 138 and 126 rental transactions, respectively.
A similar trend was seen for condominiums across the three regions, with condominiums in the Core Central Region (CCR) having the highest current rent of $3.32 psf per month and the strongest growth of 28% since 2013.
As expected, D’Leedon is the most popular condominium among tenants in CCR. The other two condominiums in CCR with more than 100 rental transactions this year are The Sail @ Marina Bay ($7.34 psf per month) and Marina One Residences ($7.42 psf per month) in District 1.
The average monthly rents for condominiums in the Rest of Central Region (RCR) and Outside Central Region (OCR) are $2.76 psf and $2.30 psf, respectively. Since 2013, rents for condominiums in RCR have grown 16%, while their counterparts in OCR have grown 14%.
Improving vacancy rates
The vacancy rate for condominiums in Singapore was 5.6% last year, slightly below the pre-pandemic vacancy rate of 5.7% in 2019. Construction delays during the pandemic and the gradual return of foreign workers post-pandemic could have contributed to the lower vacancy rates for the city-state.
More at: https://www.edgeprop.sg/property-news/opinion-residential-rent-growth-slow-marginal-decline-expected
April 18, 2023
Residential rents grew despite headwinds
The volume of rental transactions hit a record high of 88,820 transactions in 2021 before easing to 81,375 transactions last year. So far, 11,895 transactions have been recorded for this year.
The continued strong demand has given a boost to rents. The average monthly rent for condominiums in Singapore was $3.33 psf in 2021 before surging to $4.03 psf last year. The current average residential rent is $4.84 psf per month, a growth of 27% since 2013.
This year’s most popular condominium among tenants is Jadescape, with 147 rental transactions at an average rent of $6.78 psf per month. Parc Esta ($7.32 psf per month) and D’Leedon ($5.87 psf per month) took the second and third positions with 138 and 126 rental transactions, respectively.
A similar trend was seen for condominiums across the three regions, with condominiums in the Core Central Region (CCR) having the highest current rent of $3.32 psf per month and the strongest growth of 28% since 2013.
As expected, D’Leedon is the most popular condominium among tenants in CCR. The other two condominiums in CCR with more than 100 rental transactions this year are The Sail @ Marina Bay ($7.34 psf per month) and Marina One Residences ($7.42 psf per month) in District 1.
The average monthly rents for condominiums in the Rest of Central Region (RCR) and Outside Central Region (OCR) are $2.76 psf and $2.30 psf, respectively. Since 2013, rents for condominiums in RCR have grown 16%, while their counterparts in OCR have grown 14%.
Improving vacancy rates
The vacancy rate for condominiums in Singapore was 5.6% last year, slightly below the pre-pandemic vacancy rate of 5.7% in 2019. Construction delays during the pandemic and the gradual return of foreign workers post-pandemic could have contributed to the lower vacancy rates for the city-state.
More at: https://www.edgeprop.sg/property-news/opinion-residential-rent-growth-slow-marginal-decline-expected