According to SRX report, rents of private flats dropped in May while those of HDB remained unchanged. Overall 16.5% fall in private homes rental were registered from the peak in early 2013 and also a 5.2% drop from a year ago.
Rental declines in CCR/RCR/OCR areas are 0.8%, 0.4% and 0.5%. Rental volumes increased however by 5.8% from the previous month. About 4400 units were rented out in May, 14.4% from previous year.
HDB rental market registered 2005 units, 2 % rise from last May and 1.5% from Apr.
The current lull market presents tenants opportunities to negotiate favourable terms in their leases. There are plenty of choice for the tenants as the supply is increasing while demand remain relatively stagnant. Landlord are now more willing to accept lower rents instead of keeping the place vacant.