In March, approximately 5,118 condo units were rented, as more people return to the Lion City. Demand is expected to increase further.
According to the SRX, March saw an increase in condominium and HBD rental volume.
In March 2021, an estimated 5,118 condo units were rented, compared with the 3,865 units leased in February. HBD reported that 1983 flats were rented, compared to the 1,404 leased February.
“Lease volumes typically increase after the Chinese New Year Celebrations because landlords reopen homes for viewings and renters flood the market. “There is also a steady stream of PRs, long term pass holders, and students returning to Singapore which has resulted in a higher rental demand in recent weeks,” Christine Sun, senior vice-president of analytics and research at OrangeTee.
Rents rose with more HDB and condo volumes.
Condo rents increased by 2.4% YoY in February, and by 0.8% MOM Rents in CCR/RCR and OCR rose by 0.3%, 1.5%, and 4.4% YoY, respectively, and by 1.2% and 0.4% MoM.
HBD rents increased by 3.4% YoY, and 0.5% compared to February’s rates. Rents in mature and non-mature properties rose by 2.0%, 5.0% and 0.2% respectively YoY and MoM.
Sun pointed out the continuing shortage of houses as a potential driver of rent in the coming months.
“Occupancy has increased since many renters renewed their leases.
A possible relaxation of Cross-border travel between Singapore, Malaysia and Australia would drive higher rental demand. This is based on the outcome of these talks between the two countries.