SINGAPORE: Rental prices for Housing and Development Board (HDB) flats fell 0.1 per cent in July from the previous month, according to data released by SRX Property on Friday (Aug 14).
Rentals for 3-room, 4-room and 5-room flats saw rental prices decline by 0.4 per cent, 0.1 per cent and 0.2 per cent, respectively. Bucking the trend were executive flats, with a 0.5 per cent increase, SRX Property said.
Year-on-year, rental prices for HDB flats in July were down 0.7 per cent, and were down 6.1 per cent compared with its peak in August 2013.
Rental volume also declined, with an estimated 1,692 flats rented in July, down 5.4 per cent from the 1,788 units rented the previous month, SRX Property said.
PRIVATE HOMES’ RENTS DOWN
Rental prices in the non-landed private residential market fell 0.3 per cent in July compared with the previous month, according to SRX Property.
Units in the Core Central Region saw a 0.4 per cent decrease in rent, and those in the Rest of Central Region and Outside Central Region saw decreases of 0.2 per cent and 0.3 per cent, respectively.
On a year-on-year basis, rents in July were down 5.7 per cent, and down 12.5 per cent compared with its peak in January 2013.
Rental volume rose from June’s 3,866 units to an estimated 4,147 units in July, SRX Property said.
Looking ahead, market watchers expect the downward pressure on rents to continue as more homes are built, and as the Government tightens foreign labour policies.
About 11,600 private homes are expected to complete this year, while another 21,043 units will come on stream next year.
Earlier last month, the Manpower Ministry said work pass holders will need to earn a minimum fixed monthly salary of S$5,000 to sponsor their spouse or children to stay in Singapore on the Dependant’s Pass, up from the current S$4,000.
The salary bar will also be higher for who want to bring their parents to Singapore on Long Term Visit Passes. It will be revised to S$10,000 a month, up from S$8,000.