In a recent flash report published by our very own Data team, we get a detailed glimpse into the latest trends in Singapore’s rental market, focusing on condominiums and Housing & Development Board (HDB) flats. This analysis provides valuable insights for stakeholders in understanding the dynamics of rental prices and volumes as the year closes.
Overview of the rental market growth
December 2023 witnessed notable developments in the rental market. Condominium rental prices saw a moderate increase of 2.6%, while HDB flats experienced a more robust growth of 10.1%. These figures indicate varying degrees of demand and market adjustments in different housing sectors.
Detailed analysis of the condo rental market
The condo rental market showed intriguing trends in December 2023. While rental prices saw a slight decrease of 0.5% from November 2023, the year-on-year growth stood at 2.6%. Rental volumes increased significantly by 14.0% compared to November, totalling 5,644 units. However, this was 11.6% lower than the same period last year and 12.6% below the 5-year average for December.
Additional reading more: Condo rental fourth monthly drop, HDB rental at an all-time high
A regional breakdown revealed varied rent adjustments across different areas.
In-depth look at the HDB rental market
The HDB rental market also exhibited significant changes. Rents increased by 1.0% from November 2023, and the year-on-year growth was a striking 10.1%. The rental volume of 2,891 flats in December was 7.4% higher than in November, 12.8% higher year-on-year, yet marginally 0.1% lower than the 5-year average for December.
Regional variations in HDB rents were also noted, reflecting different demand levels across the city.
Next, we see the differences in mature and non-mature estates.
Finally, we take a look at a breakdown by room type.
Conclusion
December 2023’s rental market showed distinct trends for condos and HDB flats. While condos experienced a slight dip in rental volumes, HDB rentals surged both in price and volume. These trends reflect the evolving preferences and economic conditions in Singapore’s housing market. As stakeholders look forward to 2024, understanding these patterns will be crucial for informed decision-making.
Additional reading: HDB rental prices and latest rental transactions in 2024
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