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Condo Rental Market Shows Stability in 2024 as Demand Improves Steadily

Singapore Business Review ·  Nov 20 22:30

Despite condo rental transactions dropping by 7.5% in October

The condo rental market is expected to remain stable through 2024, with a potential flat growth trajectory as demand gradually improves amidst an economic recovery, Huttons said.

Despite condo rental transactions dropping by 7.5% in October, rents remained firm which reflected resilience in the market.

"Nevertheless leasing demand in Oct 2024 was higher than a year ago, indicating resilience in the rental market. While there was more completions of condo in the past two months, easing interest rates took some pressure off landlords and they are holding firm to their asking rents," Huttons said.

For OrangeTee, this growth is due to rising interest in luxury and premium housing, particularly in the Core Central Region (CCR), driven by tenants seeking amenities, prime locations, and narrowing cost differences with other segments.

"For instance, CCR formed a slightly higher proportion of the market share at 32.2 per cent in October 2024, up from 30.9 per cent in May 2024. This shift suggests a gradual increase in demand for premium housing as rent gaps continue to close within market segments," the expert noted.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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