422/33 ซอย อ่อนนุช 17 แยก 16
แขวงสวนหลวง เขตสวนหลวง
กรุงเทพมหานคร 10250
422/33 ซอย อ่อนนุช 17 แยก 16
แขวงสวนหลวง เขตสวนหลวง
กรุงเทพมหานคร 10250
Tania Fernanda
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In May 2024, the rental market in Singapore experienced significant fluctuations, encompassing various trends within the condominium and HDB segments. This report offers a comprehensive analysis of the recent adjustments in rental prices and volumes, emphasising the monthly and yearly variations in different regions and room types.
A comprehensive analysis of these trends is essential for renters, landlords, and investors to navigate the changing dynamics of Singapore’s rental market.
Rental prices decreased by 0.5% compared to April. This decline was observed across different regions, with the Core Central Region (CCR) experiencing a 0.2% reduction, the Rest of Central Region (RCR) seeing a 1.1% drop, and the Outside Central Region (OCR) rents decreasing by 0.7%.
In the year-on-year analysis, the rental prices experienced a 4.5% decrease from May 2023. This trend was observed across specific regions, with rents in the CCR declining by 3.7%, and the RCR and OCR witnessing a more substantial drop of 4.9%.
Rental volumes decreased by 12.2% from the previous month. An estimated 5,155 units were rented during this period, compared to the 5,874 units in April 2024. This decline in rental activity represents a significant trend in the market.
In the year-on-year comparison, rental volumes experienced a slight decrease of 0.4% from May 2023. Additionally, the rental volumes for May 2024 were 5.7% lower than the five-year average volume for May, indicating a broader trend of reduced rental activity compared to historical norms.
Rental volumes were distributed across different regions in the following manner: Outside Central Region (OCR) accounted for 35.5% of the total rental volumes, Rest of the Central Region (RCR) contributed 33.5%, and Core Central Region (CCR) represented 30.9% of the total rental activity. This distribution reflects the regional differences in rental demand across Singapore.
HDB rental prices saw a slight overall decrease of 0.3% compared to April 2024. This change varied across different areas and room types.
Rents in Mature Estates decreased by 0.8%, while Non-Mature Estates increased by 0.5%. Looking at specific room types, 3 Rooms, 4 Rooms, and Executive flats experienced decreases in rent by 0.7%, 0.5%, and 0.4%, respectively. In contrast, rents for 5-room flats increased by 0.8%.
Amid monthly fluctuations, there was a noteworthy annual rise in overall HDB rents, increasing by 6.2% from May 2023. This trend was evident in both Mature and Non-Mature Estates, with rents increasing by 5.9% and 6.9%, respectively.
The various room types all experienced year-on-year rent increases.
Rent for 3-room flats increased by 5.4%, while both 4-room and 5-room flats saw increases of 6.7%, and Executive flats experienced the highest increase at 8.0%. This data indicates significant growth in rental prices across
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