Condo, HDB rental volumes tumble again in August; rents hold: SRX

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Condo, HDB rental volumes tumble in August; rents hold: SRX

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SINGAPORE - Rents for Housing Board flats and private apartments held steady in August but leasing took another big hit, with rental volumes falling to levels lower than during the circuit breaker period, going by flash data from real estate portal SRX Property on Wednesday .

The sharp fall in rental volumes, which was also seen in July, could signal the start of a"domino effect" for the rental market, hampered by an economic slowdown and rising unemployment among foreigners here, said Christine Sun, head of research and consultancy at OrangeTee & Tie. This wider decline has not been offset by the increase in rental demand for HDB flats from Malaysian workers looking for affordable accommodation near their workplaces following the implementation of border restrictions between Malaysia and Singapore due to Covid-19.

For HDB flats, rents slipped by 0.1 per cent from August 2019 and are 14.6 per cent lower than their peak in August 2013.

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