One consultant has shared that this softening concurs with a weak 2nd half of the year that is considered seasonal in the rental market, however it also a result of competition in West Coast Vale Condothat is growing intense amongst landlords with more new homes coming to completion.
Weak Rents may affect West Coast Vale Condo Sales
There was a decline in rents for September, according the flash estimates from SRX, for private residential units that are non-landed by 0.3% for September from last month, with suburban and city fringe areas creating a drag. However, a dip of 4.1% in rental volume was still seen. Estimates from SRX Property gave an estimation of there being 3,758 rental transactions in EL Development Condo for September, in comparison to August recording 3,919.
Eugene Lim, key executive officer for ERA Realty, made note that year on year rise of 17.7% in rental transactions is more than likely a result of already existing tenants taking advantage of rents that are lower by moving around and signing on for much shorter leases for EL Development Tender.
He further added that these figures correspond with practical observations showing tenants show preference to leases that are 12 months long rather than 24 months. It stands to reason that, with so many choices being presented to tenants, they will be more drawn to property rental prices that are competitive and offer attributes that are more attractive for EL Development West Coast Condo.
EL Development West Coast Condo Rent
He further noted that, buyers that have purchased smaller suburban condominiums could find that those units are not sufficient for an entire family, which includes units referred to as “shoebox” that are under 500 square feet. He adds that more of these type of units will then be put up for rent or resale at a lower price in 2016.
According to data from SRX, in comparison to a year ago, September rents dropped 5.6%, a figure that is 13% under their January 2013 peak. There was also no revisions made in August to its estimated rental change for West Coast Vale Condo.
Mr. Lim pointed out that this drop in non-landed private unit rents will continue into 2016, considering that a record amount of private residential units will be completed in 2015, with 21,563 units and 2016, with 21,043 units. However, Mr Lim is expecting resilience in the volume of rentals to continue for the entirety of 2015.
The rental market for Housing & Development Board will also continue to be affected, given the gloomy condition of the private rental market. Landlords will lower the rents of private homes further, which will have the effect of competition for West Coast EL Development Condo units.
West Coast Vale EL Development
Data from SRX Property also shows that Housing & Development Board rents in the public housing sector of the market have stayed unchanged for September in comparison to August. HDB 3 room flats recorded a decline of 0.1% in rentals, 5 room units recorded a 0.5% decline and executive units declined by 2.8%. Meanwhile, an increase of 1.1% was seen for 5 room flats.
September saw an estimated rise in HDB rental transactions of 1,736, in comparison to August’s estimation of 1,721, marking a year on year increase of 7% in rental for West Coast Vale Condo.
However, Mr. Lim calculated that rental transactions for Housing & Development Board units would quite likely stay robust in the months ahead, with HDB up-graders being more likely to rent out their HDB units, after receiving their keys to their completed private homes in EL Development Condo, which will bring in a higher rental yield than would be obtained from private units.
A struggle is being seen, in those HDB flats in suburban areas that are larger, where drawing in tenants is concerned, given the smaller condos that are newly completed and their monthly rental rates being smaller as well.