Rental volumes for condos fell 21 per cent from the previous month and 7.7 per cent year on year to an estimated 4,715 units in February.
Ms Christine Sun, chief researcher and strategist at real estate firm OrangeTee Group, said: “Many condominiums reached temporary occupation permit last year, resulting in more new homes being put up for rental. Rental volumes for condos were lower as well, falling 21 per cent from the previous month and 7.7 per cent year on year to an estimated 4,715 units in February.By region, 35.8 per cent of total private rentals were from the OCR, with 32.8 per cent from the RCR and 31.4 per cent from the CCR.
Mr Luqman of 99.co said rising HDB rents were due to strong demand from renters seeking relief from inflation, as rents for condominium units were “still considered too expensive”.