Estimates released by property websites 99.co and SRX showed a 1 per cent month-on-month decrease in private flats in August, returning to the median level over the past six months, implying that private flat rental prices may have peaked.

In particular, rents for flats in the core Central District, other Central Districts and outside the Central District fell between 0.5 per cent and 1.7 per cent.

Compared with the same period last year, private flat rentals rose 17.3 per cent in August.

In the HDB market, overall rents edged up 0.1 per cent month-on-month last month. Rents for three- and five-room HDB flats rose by 0.7 per cent and 0.5 per cent respectively, while rents for four-room and condominium HDB flats fell by 0.3 per cent and 1.5 per cent respectively.

Compared to the same period last year, HDB rents overall rose by 20.8 per cent.

In addition, the number of private flats and HDB flats rented out slipped last month, down 7.6 per cent and 10.1 per cent month-on-month, respectively.

99.co and SRX pointed out that July is usually one of the highest months of the year for private condominium rental transactions, so a decrease in the number of units leased out in the following month of August is to be expected.

However, the HDB rental market is not as predictable in July and August as the private condominium market, so it is believed that HDB rental units will fall along with the private condominium market.