Fewer condos rented in May

According to data from SRX and 99.co., YoY rents in the Core Central Region, the Rest of Central Region, and Outside Central Region increased by 22.3%, 28.4%, and 28.7%, respectively.

Although compared to April 2023, rents are 0.6% lower. Condo rent for CCR and RCR also dropped 0.4%, and 1.7%, respectively. However, rents in OCR increased by 0.2% in May compared to the last month.

More from OMY: Tenants resisting hikes causes rental market to slow down

When it comes to volumes, fewer condos were rented this month. Around 5,164 units were rented in May compared to 5,623 in April.

In May, rental volumes were 1.8% lower compared to May 2022, and 7.8% lower than the 5-year average volume for May.

By region, the majority of the total volumes are from the OCR at 36.3%, RCR at 33.2%, and CCR at 30.1%. 

More from OMY: Luxury property rents increase amid high demand

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