Business

Q3 private home rents unchanged

The landed property segment helped bolster the rental market in the third quarter and arrest a decline that has lasted for 15 quarters. But vacancy rates for private homes also rose islandwide, on the back of more homes on the market.

The rental story may provide landlords with a little cheer: After an overall 0.2 per cent quarter-on-quarter slide in the second quarter, rents stayed unchanged in the following three months with the help of a 0.6 per cent growth among landed properties.

But condo and private apartment rents fell 0.1 per cent, to follow the 0.2 per cent decline in the second quarter.

JLL national director of research and consultancy Ong Teck Hui said: "Some owners have withdrawn their units from the leasing market, prompted by the turnaround in prices in the sales market.

"This could have reduced leasing options for some tenants and have a positive impact on rents." - THE STRAITS TIMES

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