HDB Rents in Singapore up in Q3 2012

If you are looking for an HDB to rent in Singapore, yesterday brought some bad news. The rental prices, already ridiculously high compared to a few years ago, are still climbing on the shoulders of supply crunch, runaway private property prices and several cooling measures which has actually fired up the prices in the HDB segment.

According to HDB's Q3 2012 median HDB rental transactions data released yesterday, island wide, the per month rental for a 4 room (3+1) HDB flat has jumped 2.2% compared to Q2 2012 and it is 8.2% higher on average compared to a year ago (Q3 2011). The story was not much different for 3 room (2+1) HDB rental flats. The rental cost jumped 2.2% quarter-on-quarter and 8.8% year-on-year.

According to HDB data for Q3 2012, rental transactions rose by about 4% from 6,891 cases in 2nd Quarter 2012 to 7,142 cases in 3rd Quarter 2012. The total number of HDB flats approved for rental also rose to 42,920 units in 3rd Quarter 2012, compared to 41,814 units in 2nd Quarter 2012. But although the supply of rental units are rising, the demand is rising faster. Previous private property tenants who shift to HDB flats for cheaper rentals, increasing influx of foreign workers is creating a huge demand.

Here is a summary of HDB rentals by room type.

4 room HDB rents
The highest quarterly jump in 4 room (3+1) HDB rents were in Geylang (13%) followed by Bukit Merah (5.4%), Bukit Panjang (5%), Sembawang (4.9%) and Bedok (4.9%). As of Q3 2012, following HDB towns are the most expensive towns to rent a 4 room flat:

1 - Bukit Merah - $2,950 per month
2 - Queenstown - $2,900 per month
3 - Central         - $2,800 per month
4 - Toa Payoh   - $2,600 per month
5 - Clementi      - $2,600 per month

Bukit Panjang and Woodlands were the HDB towns to find the cheapest HDB rental prices (on average) followed by Sembawang:

1 - Bukit Panjang    - $2,100 per month
2 - Woodlands        - $2,100 per month
3 - Sembawang       - $2,150 per month
4 - Yishun               - $2,200 per month
5 - Choa Chu Kang - $2,250 per month

Not all HDB towns recorded rental price increases. For tenants there were also bright spots like Serangoon which recorded a 4% q-o-q decline (but still 4.3% increase year-on-year). Bishan and Queenstown also recorded q-o-q declines.

Rental prices in Bishan for 4 room flats have not changed compared to previous year.

HDB for Rent Prices (4 Room / (3+1) HDB Flats)
HDB Town	Q3 2012	Q2 2012	Q3/Q2 2012	% Q3/Q2 2012	Q3 2011	Q3 2012/11	% Q3 2012/11
	2,425	2,374	51	2.2%	2,241	184	8.2%
ANG MO KIO	2,400	2,400	0	0.0%	2,300	100	4.3%
BEDOK	2,400	2,300	100	4.3%	2,150	250	11.6%
BISHAN	2,500	2,550	-50	-2.0%	2,500	0	0.0%
BUKIT BATOK	2,300	2,230	70	3.1%	2,120	180	8.5%
BUKIT MERAH	2,950	2,800	150	5.4%	2,650	300	11.3%
BUKIT PANJANG	2,100	2,000	100	5.0%	2,000	100	5.0%
CENTRAL	2,800	2,800	0	0.0%	2,500	300	12.0%
CHOA CHU KANG	2,250	2,200	50	2.3%	2,100	150	7.1%
CLEMENTI	2,600	2,550	50	2.0%	2,300	300	13.0%
GEYLANG	2,500	2,200	300	13.6%	2,400	100	4.2%
HOUGANG	2,400	2,300	100	4.3%	2,100	300	14.3%
JURONG EAST	2,300	2,300	0	0.0%	2,200	100	4.5%
JURONG WEST	2,380	2,350	30	1.3%	2,180	200	9.2%
KALLANG/ WHAMPOA	2,500	2,500	0	0.0%	2,400	100	4.2%
PASIR RIS	2,300	2,300	0	0.0%	2,150	150	7.0%
PUNGGOL	2,300	2,300	0	0.0%	2,000	300	15.0%
QUEENSTOWN	2,900	2,950	-50	-1.7%	2,700	200	7.4%
SEMBAWANG	2,150	2,050	100	4.9%	2,030	120	5.9%
SENGKANG	2,350	2,300	50	2.2%	2,200	150	6.8%
SERANGOON	2,400	2,500	-100	-4.0%	2,300	100	4.3%
TAMPINES	2,400	2,350	50	2.1%	2,200	200	9.1%
TOA PAYOH	2,600	2,500	100	4.0%	2,300	300	13.0%
WOODLANDS	2,100	2,050	50	2.4%	2,000	100	5.0%
YISHUN	2,200	2,190	10	0.5%	2,000	200	10.0%

3 room HDB rent
Most expensive place in Singapore to rent a 3 room (2+1) HDB flat was central region where you need to pay 2,400 SGD per month. HDB for rent in Marine Parade was the second most expensive place:

1 - Central             - $2,400 per month
2 - Marine Parade  - $2,300 per month
3 - Queenstown      - $2,200 per month
4 - Bukit Merah      - $2,200 per month
5 - Bishan               - 2,000 per month

3 room HDBs for rent in Woodlands are the cheapest now:
1 - Woodlands        - $1,700 per month
2 - Yishun               - $1,800 per month
3 - Jurong West      - $1,800 per month
4 - Bukit Panjang    - $1,800 per month
5 - Bukit Batok       - $1,900 per month

3 room HDB rental prices has not changed in Woodlands compared to last year Yishun and Bishan recorded q-o-q decrease.

HDB for Rent Prices (3 Room / (2+1) HDB Flats)
HDB Town	Q3 2012	Q2 2012	Q3/Q2 2012	% Q3/Q2 2012	Q3 2011	Q3 2012/11	% Q3 2012/11
	2,009	1,966	44	2.2%	1,847	163	8.8%
ANG MO KIO	2,000	2,000	0	0.0%	1,850	150	8.1%
BEDOK	2,000	1,950	50	2.6%	1,800	200	11.1%
BISHAN	2,000	2,050	-50	-2.4%	1,900	100	5.3%
BUKIT BATOK	1,900	1,900	0	0.0%	1,800	100	5.6%
BUKIT MERAH	2,200	2,100	100	4.8%	2,000	200	10.0%
BUKIT PANJANG	1,800	1,800	0	0.0%	1,700	100	5.9%
CENTRAL	2,400	2,300	100	4.3%	2,200	200	9.1%
CLEMENTI	2,100	2,000	100	5.0%	1,900	200	10.5%
GEYLANG	1,950	1,930	20	1.0%	1,880	70	3.7%
HOUGANG	1,900	1,800	100	5.6%	1,800	100	5.6%
JURONG EAST	2,000	1,800	200	11.1%	1,700	300	17.6%
JURONG WEST	1,800	1,800	0	0.0%	1,600	200	12.5%
KALLANG/ WHAMPOA	2,030	2,000	30	1.5%	1,800	230	12.8%
MARINE PARADE	2,300	2,200	100	4.5%	1,950	350	17.9%
QUEENSTOWN	2,200	2,200	0	0.0%	2,000	200	10.0%
SERANGOON	2,000	1,950	50	2.6%	1,800	200	11.1%
TAMPINES	2,100	2,000	100	5.0%	2,000	100	5.0%
TOA PAYOH	2,000	1,980	20	1.0%	1,800	200	11.1%
WOODLANDS	1,700	1,700	0	0.0%	1,700	0	0.0%
YISHUN	1,800	1,850	-50	-2.7%	1,750	50	2.9%

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