Median rental price to pay per square feet of a condominium inched up from S$3.73 per month in Q1 2012 to S$3.74 per month in Q2 2012. This was after a slight fall from S$3.74 per month of last quarter of 2012. These numbers below are compiled from Urban Redevelopment Authority's Rentals for Private Residential Developments web service.
The graph below plots the median, 75 percentile and 25 percentile rental prices per sqft per month over quarters. As you can see from the chart, the rents were in a continuous up trend between 2009 and last quarter of 2011 but since then they are flat. This may be because of an increase in the supply of rental condominium flats which are hitting the market in large numbers and decrease in the demand due to shrinking expatriate packages and slow down in hiring due to global economic conditions. Rental demand for condominiums largely come from relatively high paid expatriates since most Singaporeans own their own flats and most foreigners cannot afford to live in expensive private properties (although many still create a demand by renting rooms in condominiums).
Popular expatriate locations and one of the most expensive districts to rent a condo in Singapore are District 9 (Orchard, Cairnhill and River Valley), 10 (Ardmore, Bukit Timah, Holland Road and Tanglin) and 11 (Watten Estate, Novena and Thomson). Although district 9 shows a decline for the first time since Q1 2011, the rental prices in district 10 went up a little.
District 4 (Telok Blangah and Harbourfront) rentals show a little recovery after sharp fall in Q1 2012. As we have written in our article named With foreign talent leaving asking rental prices are falling, the asking prices in this district fell sharply in Q1 2012 and the actual transaction price data also points to a 10% decline in a single quarter.
The rental prices in the East changed as below:
The graph below plots the median, 75 percentile and 25 percentile rental prices per sqft per month over quarters. As you can see from the chart, the rents were in a continuous up trend between 2009 and last quarter of 2011 but since then they are flat. This may be because of an increase in the supply of rental condominium flats which are hitting the market in large numbers and decrease in the demand due to shrinking expatriate packages and slow down in hiring due to global economic conditions. Rental demand for condominiums largely come from relatively high paid expatriates since most Singaporeans own their own flats and most foreigners cannot afford to live in expensive private properties (although many still create a demand by renting rooms in condominiums).
District 4 (Telok Blangah and Harbourfront) rentals show a little recovery after sharp fall in Q1 2012. As we have written in our article named With foreign talent leaving asking rental prices are falling, the asking prices in this district fell sharply in Q1 2012 and the actual transaction price data also points to a 10% decline in a single quarter.
The rental prices in the East changed as below:
- District 14 (Geylang and Eunos) - down from $S3.28 per sqft per month to S$3.2 per sqft per month,
- District 15 (Katong, Joo Chiat and Amber Road) - down from $S3.43 per sqft per month to S$3.31 per sqft per month,
- District 16 (Bedok, Upper East Coast, Eastwood and Kew Drive) - down from $S3.14 per sqft per month to S$3.11 per sqft per month,
- District 17 (Loyang and Changi) - up from $S2.58 per sqft per month to S$2.61 per sqft per month,
- and District 18 (Tampines and Pasir Ris) - up from $S2.98 per sqft per month to S$3.00 per sqft per month.
The rents of the condos in Singapore have risen. Know all the details here
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Singapore Condo rents have inched up . Read to get details
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