Condo rental market March 2024
March 2024 rents increased by 0.3% from February 2024
The rental market saw a slight uptick in March 2024, with a modest increase of 0.3% from the previous month. However, this change was not consistent across all regions. The Core Central Region (CCR) and the Rest of Central Region (RCR) experienced an increase of 0.3% and 0.9%, respectively. In contrast, the Outside Central Region (OCR) saw a decrease of 0.3%.
Taking a year-on-year approach, the rental market experienced an overall decline of 3.4% from March 2023. This decline was more significant in some regions than others, with a 5.5% decrease in CCR, 2.6% in RCR, and 2.1% in OCR. These figures indicate that there has been a considerable regional disparity in rental market trends over the past year.
Read more about Singapore’s different regions: Singapore’s 28 districts mapped across the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR)
Volumes increased by 19.1% month-on-month
The rental market saw a significant surge in activity, with a 19.1% increase month-over-month. Last month, roughly 5,677 units were rented compared to 4,766 units in February 2024.
Year-over-year, rental volumes were up by 14.9%, although they were still 6.9% below the five-year average volume for March.
In terms of regional breakdown for March 2024, the OCR made up the largest portion of total rental volumes at 36.4%. The RCR contributed 32.6%, while the CCR accounted for 31.0%.
HDB rental market March 2024
March 2024 HDB rents increased by 0.6% from February 2024
The Housing and Development Board (HDB) rental rates experienced a slight increase of 0.6% in February 2024, with both Mature Estates and Non-Mature Estates seeing the same increase. Each room type also saw a month-on-month increase, with 3-room units experiencing a 0.8% rise, 4-room up 0.3%, 5-room up 1.5%, and Executive units up 1.3%.
Looking at the bigger picture, the HDB rental market has seen significant growth over the past year, with an overall increase of 8.2% since March 2023. Mature Estates experienced a 7.5% rise in rents, while Non-Mature Estates saw an 8.9% increase. Year-on-year rent increases were also observed in each room type, with 3-room units up by 6.4%, 4-room by 9.2%, 5-room by 8.6%, and Executive units by 10.0%. These figures suggest a robust upward trend in the HDB rental market.
Volumes increased by 9.8% month-on-month
Rental volumes saw a notable uptick with a 9.8% increase month-on-month, resulting in an estimated 2,689 HDB flats being rented. However, the year-on-year comparison revealed a decline of 12.1% in rental volumes. Furthermore, the volumes were 11.0% lower than the average for March over the last five years.
Analysing the rental volumes by room type for March 2024, the data shows that 3-room flats accounted for 33.6% of the total volumes, 4-room flats made up 36.3%, 5-room flats constituted 24.5%, and Executive flats contributed 5.7%. This disparity underscores the differing demand for various HDB flat types.
Read the condo rental price flash report cover we did for February 2024: HDB rental prices at new high; Condo rental lowest since Jan 2023
Conclusion
To summarize, the March 2024 rental market displayed various dynamics across different sectors and regions. The condo rental market experienced a slight increase but with significant regional differences.
Meanwhile, the HDB rental market showed stronger growth across all room types, indicating strong demand for mature and non-mature estates. Despite a significant increase in volumes compared to the previous month, both markets reported a year-on-year decline compared to historical averages.
These trends emphasize the continued fluctuations in the rental market, emphasizing the need for investors and renters to stay informed about regional and sector-specific changes to make informed decisions.
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