SINGAPORE - Rents for private apartments and Housing Board flats continued their decline amid the Covid-19 outbreak, according to flash data released by real estate portal SRX Property on Wednesday .Year on year, rents for private apartments in June fell for the core central region and rest of central region by 0.7 per cent and 2.2 per cent respectively.
Ms Christine Sun, Orange Tee & Tie's head of research and consultancy, noted that the decrease in rents is considered marginal. June's rental volume for these private apartments is still 13 per cent lower from a year ago, and 4.3 per cent off the five-year average volume for the month. Of these leasing in May, 35.3 per cent are for four-room flats, 33.9 per cent for three-room units, 25.4 per cent for five-room units, and 5.4 per cent for executive flats.
Looking ahead, observers say the rental market could continue to be dampened by the economic outlook, even as more Singaporeans are renting apartments.
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