Rents for Orchard condos hit $15,000 in November: Report

District 9 (Orchard, River Valley) has emerged as the top submarket for condominium rents in November, with a median rent of $15,000 per month for a three-bedroom apartment.

This is followed closely by District 1 (Raffles Place, Cecil, Marina, People’s Park) with a median rent of $12,400 and District 10 (Tanglin, Holland Road, Bukit Timah) with $9,750, according to Livethere’s November rental market guide. Livethere is the digital residential marketing arm of Savills Singapore.

In a report released on Friday (Dec 9), Livethere noted that landlords have been pushing rents upwards to meet mortgage payments amid escalating interest rates and a looming recession.

Rents in the rest of central (RCR) and outside central region (OCR) are also rising. In the RCR, District 4 (Telok Blangah, Harbourfront) rents have jumped almost 50 per cent to $11,000 from a year ago, from $7,350.

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Meanwhile, in the OCR, District 5 (Clementi, West Coast) rents have risen 29 per cent to $6,400 in November 2022 from $4,950 in November 2021.

Monthly rents for high-end condominium projects have been climbing since Q2 2011 to reach $5.41 per square foot per month in Q3 2022. Quarter on quarter, rents have been up 13.1 per cent, according to data from projects tracked by Savills Research.