The residential rental market remained lull in October 2015. Both rents and transaction volumes continue the decline. According to the flash estimates from SRX Property, rents of non-landed private residential units has declined 0.4% in October from September. HDB slipped 0.5%.
Various factors are attributed to this decline.
- Seasonal (second half of the year is a weaker period for leasing periods)
- Increase in supply of homes for lease (The number of private residential units receiving TOP are 10,329/13,150/19,941/13,589 for the periods 2012/2013/2014/2015 (till Q3 2015))
- Change in requirements for senior expatriates.