SINGAPORE private apartment rents declined in March 2018, after three straight months of gains, even amid a pick-up in the number of units leased out.
Rents for non-landed private homes fell by 0.2 per cent against the previous month, according to flash estimates from SRX Property.
The index was dragged down by homes in the core central region, where rents lost 0.4 per cent, and outside the central region, where they slipped by 0.5 per cent. But some landlords can still rest assured, with rents in the non-core central region posting a rise of 0.3 per cent.
Rents still rose over the previous year by 0.2 per cent overall. Homes were in greater demand in Singapore's central region - with rents up by 1.5 per cent in the core areas in March, and 1.6 per cent in the non-core areas. Those outside the central region saw rents slide by 2 per cent from the year before.
Meanwhile, the first three months of 2018 saw a quarter-on-quarter rise in rents of one per cent, but landlords are still reaping 18.9 per cent less in rent than at the market's peak in January 2013.
The dip in rents came even as the rental volume stood at about 4,580 units in March - a 28.3 per cent improvement on February, but 4.4 per cent lower than the volume a year ago.
Adapted from: Business Times, 12 Apr 2018