Tuesday, October 30, 2012

HDB Rents in Singapore up in Q3 2012


If you are looking for an HDB to rent in Singapore, yesterday brought some bad news. The rental prices, already ridiculously high compared to a few years ago, are still climbing on the shoulders of supply crunch, runaway private property prices and several cooling measures which has actually fired up the prices in the HDB segment.

According to HDB's Q3 2012 median HDB rental transactions data released yesterday, island wide, the per month rental for a 4 room (3+1) HDB flat has jumped 2.2% compared to Q2 2012 and it is 8.2% higher on average compared to a year ago (Q3 2011). The story was not much different for 3 room (2+1) HDB rental flats. The rental cost jumped 2.2% quarter-on-quarter and 8.8% year-on-year.

According to HDB data for Q3 2012, rental transactions rose by about 4% from 6,891 cases in 2nd Quarter 2012 to 7,142 cases in 3rd Quarter 2012. The total number of HDB flats approved for rental also rose to 42,920 units in 3rd Quarter 2012, compared to 41,814 units in 2nd Quarter 2012. But although the supply of rental units are rising, the demand is rising faster. Previous private property tenants who shift to HDB flats for cheaper rentals, increasing influx of foreign workers is creating a huge demand.

Here is a summary of HDB rentals by room type.

4 room HDB rents
The highest quarterly jump in 4 room (3+1) HDB rents were in Geylang (13%) followed by Bukit Merah (5.4%), Bukit Panjang (5%), Sembawang (4.9%) and Bedok (4.9%). As of Q3 2012, following HDB towns are the most expensive towns to rent a 4 room flat:

1 - Bukit Merah - $2,950 per month
2 - Queenstown - $2,900 per month
3 - Central         - $2,800 per month
4 - Toa Payoh   - $2,600 per month
5 - Clementi      - $2,600 per month

Bukit Panjang and Woodlands were the HDB towns to find the cheapest HDB rental prices (on average) followed by Sembawang:

1 - Bukit Panjang    - $2,100 per month
2 - Woodlands        - $2,100 per month
3 - Sembawang       - $2,150 per month
4 - Yishun               - $2,200 per month
5 - Choa Chu Kang - $2,250 per month

Not all HDB towns recorded rental price increases. For tenants there were also bright spots like Serangoon which recorded a 4% q-o-q decline (but still 4.3% increase year-on-year). Bishan and Queenstown also recorded q-o-q declines.

Rental prices in Bishan for 4 room flats have not changed compared to previous year.

HDB for Rent Prices (4 Room / (3+1) HDB Flats)
HDB Town Q3 2012 Q2 2012 Q3/Q2 2012 % Q3/Q2 2012 Q3 2011 Q3 2012/11 % Q3 2012/11
2,425 2,374 51 2.2% 2,241 184 8.2%
ANG MO KIO 2,400 2,400 0 0.0% 2,300 100 4.3%
BEDOK 2,400 2,300 100 4.3% 2,150 250 11.6%
BISHAN 2,500 2,550 -50 -2.0% 2,500 0 0.0%
BUKIT BATOK 2,300 2,230 70 3.1% 2,120 180 8.5%
BUKIT MERAH 2,950 2,800 150 5.4% 2,650 300 11.3%
BUKIT PANJANG 2,100 2,000 100 5.0% 2,000 100 5.0%
CENTRAL 2,800 2,800 0 0.0% 2,500 300 12.0%
CHOA CHU KANG 2,250 2,200 50 2.3% 2,100 150 7.1%
CLEMENTI 2,600 2,550 50 2.0% 2,300 300 13.0%
GEYLANG 2,500 2,200 300 13.6% 2,400 100 4.2%
HOUGANG 2,400 2,300 100 4.3% 2,100 300 14.3%
JURONG EAST 2,300 2,300 0 0.0% 2,200 100 4.5%
JURONG WEST 2,380 2,350 30 1.3% 2,180 200 9.2%
KALLANG/ WHAMPOA 2,500 2,500 0 0.0% 2,400 100 4.2%
PASIR RIS 2,300 2,300 0 0.0% 2,150 150 7.0%
PUNGGOL 2,300 2,300 0 0.0% 2,000 300 15.0%
QUEENSTOWN 2,900 2,950 -50 -1.7% 2,700 200 7.4%
SEMBAWANG 2,150 2,050 100 4.9% 2,030 120 5.9%
SENGKANG 2,350 2,300 50 2.2% 2,200 150 6.8%
SERANGOON 2,400 2,500 -100 -4.0% 2,300 100 4.3%
TAMPINES 2,400 2,350 50 2.1% 2,200 200 9.1%
TOA PAYOH 2,600 2,500 100 4.0% 2,300 300 13.0%
WOODLANDS 2,100 2,050 50 2.4% 2,000 100 5.0%
YISHUN 2,200 2,190 10 0.5% 2,000 200 10.0%


3 room HDB rent
Most expensive place in Singapore to rent a 3 room (2+1) HDB flat was central region where you need to pay 2,400 SGD per month. HDB for rent in Marine Parade was the second most expensive place:

1 - Central             - $2,400 per month
2 - Marine Parade  - $2,300 per month
3 - Queenstown      - $2,200 per month
4 - Bukit Merah      - $2,200 per month
5 - Bishan               - 2,000 per month

3 room HDBs for rent in Woodlands are the cheapest now:
1 - Woodlands        - $1,700 per month
2 - Yishun               - $1,800 per month
3 - Jurong West      - $1,800 per month
4 - Bukit Panjang    - $1,800 per month
5 - Bukit Batok       - $1,900 per month

3 room HDB rental prices has not changed in Woodlands compared to last year Yishun and Bishan recorded q-o-q decrease.


HDB for Rent Prices (3 Room / (2+1) HDB Flats)
HDB Town Q3 2012 Q2 2012 Q3/Q2 2012 % Q3/Q2 2012 Q3 2011 Q3 2012/11 % Q3 2012/11
2,009 1,966 44 2.2% 1,847 163 8.8%
ANG MO KIO 2,000 2,000 0 0.0% 1,850 150 8.1%
BEDOK 2,000 1,950 50 2.6% 1,800 200 11.1%
BISHAN 2,000 2,050 -50 -2.4% 1,900 100 5.3%
BUKIT BATOK 1,900 1,900 0 0.0% 1,800 100 5.6%
BUKIT MERAH 2,200 2,100 100 4.8% 2,000 200 10.0%
BUKIT PANJANG 1,800 1,800 0 0.0% 1,700 100 5.9%
CENTRAL 2,400 2,300 100 4.3% 2,200 200 9.1%
CLEMENTI 2,100 2,000 100 5.0% 1,900 200 10.5%
GEYLANG 1,950 1,930 20 1.0% 1,880 70 3.7%
HOUGANG 1,900 1,800 100 5.6% 1,800 100 5.6%
JURONG EAST 2,000 1,800 200 11.1% 1,700 300 17.6%
JURONG WEST 1,800 1,800 0 0.0% 1,600 200 12.5%
KALLANG/ WHAMPOA 2,030 2,000 30 1.5% 1,800 230 12.8%
MARINE PARADE 2,300 2,200 100 4.5% 1,950 350 17.9%
QUEENSTOWN 2,200 2,200 0 0.0% 2,000 200 10.0%
SERANGOON 2,000 1,950 50 2.6% 1,800 200 11.1%
TAMPINES 2,100 2,000 100 5.0% 2,000 100 5.0%
TOA PAYOH 2,000 1,980 20 1.0% 1,800 200 11.1%
WOODLANDS 1,700 1,700 0 0.0% 1,700 0 0.0%
YISHUN 1,800 1,850 -50 -2.7% 1,750 50 2.9%

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