Rents of private condos down 2.2% m-o-m in May: Savills

/ EdgeProp Singapore |
According to Savills, rentals in more districts have started to soften (Picture: Samuel Isaac Chua/The Edge Singapore)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - Rents of private non-landed homes in Singapore registered a decline in May, according to a rental market report by Savills. Citing data from URA, the average median rents for one- to four-bedroom units fell 2.2% m-o-m in May, reversing from a 2.4% increase recorded in April.
“For renters in Singapore, relief is in the air as rentals in more districts start to soften,” says Alan Cheong, executive director of Savills Research & Consultancy. Cheong adds that the weakening of rents was expected, given an influx of new supply in 2023 while challenging economic conditions have compelled companies to tighten budgets and reduce rental expenses for expatriate staff, or lay off employees.
Marcus Loo, CEO of Savills Singapore, adds that the softening rents come at a time when economic headwinds are putting a dampener on tenants’ budgets. “This rental correction allows the market to reset to a more sustainable foundation for the longer-term good of the economy,” he comments.
Advertisement
Nonetheless, while rents appear to be softening, Cheong says that the rental decline remains moderate, and overall yields for landlords remain healthy.
Savills May 2023 Rental Guide - EDGEPROP SINGAPORE
Source: Savills May 2023 Rental Guide
Savills’ report highlights that for three-bedroom condo units, rents declined 3.2% m-o-m in May. District 4 (which covers the Keppel, Mount Faber, Sentosa and Telok Blangah areas) was the submarket with the highest median monthly rents for three-bedroom units at $9,300. District 1 (Boat Quay, Chinatown, Havelock Road, Marina Square, Raffles Place and Suntec City) was the second-highest submarket with a median monthly rent of $8,500, followed by District 9 (Cairnhill, Killiney, Leonie Hill, Orchard and Oxley) with a median monthly rent of $7,500.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Popular Projects

Condos

Landed

Commercial

Industrial

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More