Condo rents dip 1.3% y-o-y in 1Q2024, on track to fall 5% this year: Savills

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Singapore condo rents have fallen from a year ago, according to data compiled by Savills Research. In its 1Q2024 Rental Guide released on May 7, the consultancy highlights that average rents for private non-landed properties contracted 1.3% y-o-y in 1Q2024, in contrast with the 4.8% surge recorded in 1Q2023.

Excluding outliers, Savills says condo rents fell by 1.8% q-o-q, extending the 1.5% quarterly decline logged in 4Q2023. Savills’ rental guide, which tracks average median rents for three-bedroom condo units across the island, indicates that District 2 β€” covering the Chinatown and Tanjong Pagar areas β€” saw the biggest drop in rents, falling 12.3% compared to the previous quarter to $6,800 per month.

District 5, spanning the Buona Vista, West Coast and Clementi areas, saw the second-biggest quarterly drop at 8.6% to $5,300 per month, followed by District 3, covering the Alexandra and Commonwealth areas, which fell 6.1% to $6,200 per month.
Source: The EdgeProp

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