Market watchers attribute the drop in leasing demand to weaker job market and June holiday lead-up.
Market watchers attributed the fall in rents to a decrease in demand in both markets, mainly due to a weaker job market.
Market watchers attributed the fall in rents to a decrease in demand in both markets, mainly due to a weaker job market. “The continued tightening of criteria for the S Pass is leading to fewer S Pass holders. At the same time, there were fewer condo tenants looking for an HDB flat to rent,” Mr Yip added, explaining the downward pressure on HDB rents.
HDB rental volumes fell 13.2 per cent to 2,558 units in May, from 2,946 units in April. Year on year, volumes were down 12.3 per cent, and 8 per cent lower than the five-year average volume for May. Three-room flat rents recorded the steepest month-on-month decline of 0.7 per cent. This was followed by four-room flat rents and executive flat rents .and those for non-mature estates rose 0.5 per cent. Year on year, mature and non-mature estate rents increased by 5.9 per cent and 6.9 per cent respectively.
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