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Thread: Vacancy rate of private homes climbed to 6.1%

  1. #1
    Join Date
    May 2012
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    2,429

    Default Vacancy rate of private homes climbed to 6.1%

    http://sbr.com.sg/residential-proper...mes-climbed-61

    Despite the strong leasing demand.
    According to Savills, despite the strong leasing demand, the vacancy rate of private residential units climbed to 6.1% from 5.6% in the previous quarter. This reflected a total of 17,459 vacant private homes island-wide, a significant jump of 10.3% QoQ from 15,833 units in Q2/2013.
    In Q3/2013, a handful of major projects, mainly located outside the city area, such as The Interlace on Depot Road (1,040 units), Tree House on Chestnut Avenue (429 units) and Cape Royale at Sentosa Island (302 units), received their Temporary Occupancy Permits (TOPs).
    In addition, about 6,305 and 19,302 residential units in the pipeline are scheduled for completion by 2013 and 2014 respectively.
    As leasing demand might ease off next year, the new housing stock may not be adsorbed as quickly, and thus, the number of vacant private homes is expected to increase further.

  2. #2
    Join Date
    Mar 2013
    Posts
    96

    Default

    The rents on high end stuff is already very soft indeed , my friend recently negotiated a 30% reduction in his rent on renewing his lease, the landlord already has another large house empty for several months and was concerned he would move out unless the rent was reduced substantially , with all these new units hitting the market rents have to drop ...

  3. #3
    Join Date
    Mar 2009
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    6,134

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    yes the rental market is soft. but the middle mgmt rental are still ok. I just rented out my unit with very slight rental increase.

    the top end rental is slow thats what I heard too.
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  4. #4
    Join Date
    Feb 2012
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    22

    Default

    Quote Originally Posted by minority View Post
    yes the rental market is soft. but the middle mgmt rental are still ok. I just rented out my unit with very slight rental increase.

    the top end rental is slow thats what I heard too.

    May I know which area your unit is in? Thanks!

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