Housing Board rents were slightly higher in October, up 0.5 per cent from the previous month. Rents increased by 0.9 per cent in mature estates, but non-mature estates experienced a 0.2 per cent decline for the month.
By room types, prices were up 1.2 per cent for three-room flats, 0.7 per cent for five-room flats and 0.8 per cent for executive flats. Meanwhile, rents for four-room units dipped 0.3 per cent. However, year on year, condo rental volumes were up by 5.3 per cent. Based on the five-year average volume for October, rental volumes were 5.5 per cent lower.
“Some renters are shifting to private properties, drawn by stabilising rents and lower borrowing costs. This trend may help private rental prices stabilise further,” he said. Year on year, overall rents decreased by 2.8 per cent from October 2023, reflecting a stabilising market after previous declines, said SRX.