These figures mirror a move by tenants to quality who are relocating themselves from suburban areas to the city. The result of this is that the rates of rentals for condos and private apartments that are closer to the centre of the city for Lend Lease Paya Lebar have showed less of a decline than those in further away areas.
July market the 6th consecutive drop, month on month, for rents in residential areas of non-landed private homes overall, to 0.3%.
Another analyst has noted that, as a result of the mix of capped demand and a rising supply, a continuation of the downward pressure can still be felt for rents.
Paya Lebar Lend Lease Condo
A total of 9,945 private residences in Lend Lease Paya Lebar condo were given their Temporary Occupation Permits during the first half of 2015, based on data given by the Urban Redevelopment Authority. This figures is quite close to the 10,863 average annual completions of units occurring over a decade from 2005 to 2014.
Due to foreign labour conditions being tight in Singapore, the demand has stayed moderate. One example is the increase in the figure of employment pass holders, which had risen in 2014 to 3,8000, according to the data given by Ministry of Manpower. The contrast here is a very stark one when compared to 2011, where the figure rose by 32,100.
After a small climb in June of 0.1%, the overall rental index for the Housing Development Board dropped in July by 0.1%, month on month.
Paya Lebar Mix Development
One consultant is expecting a continual drop in 2015 of flat rental of HDB apartments, as a result of the rise in the amount of flats that have been put on the market for subletting, due to more apartment owners moving into their finished condos in the suburbs and seeking a tenant to rent out their HDB apartment. This will lead to a fall of close to 5% in 2015 for HDB flat rentals and, by years end, rental prices will match prospective tenants’ affordability much better. As a result, the australia Lend Lease Paya Lebar private residential market will experience a knock on effect.
ERA Realty’s key executive office, Eugene Lim, has argued that, as long as despondent rents are still being faced in the sector of private residences, it is expected that a continuation of this trend will be seen in the HDB rental market.
Looking at the estimates provided by SRX, 1,692 HDB flats were inked for rental contracts in July, a figure that is nearly unchanged from July of 2014’s 1,698 units.
Lend Lease Condo Paya Lebar
4,147 units were estimated to have entered into leasing deals in July for the private apartment and condominium sector, a figure that is up 18.2% compared to last year.
Mr. Lim has stated that this rise in Lend Lease Paya Lebar volume is not something they are attributing to new demand. He feels this has likely occurred from existing tenants choosing to relocate to favourable conditions, such as cheaper rents or apartments of higher quality. This is primarily a result of a rise in the amount of completed projects, which has then resulted in a variety of choices being made available to a limited tenant pool that already exists.
He further pointed out that this trend of a rise in tenants choosing to go for 1 year lease terms recently, rather than what was the normal 2 year term, is a strategy that has allowed for tenants to benefit on the rental decline as we see more and more completions of these new homes.
He said that, looking forward, it is more likely that a tenant will choose to move around to those properties that have rental rates which are competitive, resulting in the expectation that leasing transaction volumes will stay resilient.