Condo rents pick up in Feb

Rents for non-landed homes picked up 1.1% in February, compared to January’s figures. This trend was seen across the CCR (core central), RCR (city-fringe) and OCR (suburban) regions. The improvements was likely due to expatriates coming to Singapore in the first half of the year, who were unlikely to be aggressive in negotiating down rents. Rents could dip or stagnate in the second half of the year as fewer expats arrive.Leasing volumes were seen flat though: 3757 (Feb) vs 3796 (Jan).

For the HDB market, leasing volumes improved slightly to 1477 units compared to 1459 in the previous month. Rents slid 0.8% in Feb from Jan.

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