Condominium rents across Metro Manila could fall to as low as ₱5,000 a month within the next 12 months as an oversupply of middle-market units continues to drive prices down. Property consultant David Leechiu said some studio units previously rented for ₱30,000 monthly now cost just ₱12,000, with further declines expected.
Leechiu, CEO and co-founder of Leechiu Property Consultants, said rental rates in some developments have already dropped by as much as 70%, although price reductions vary across properties.
“It’s going to go down to as cheap as P8,000, maybe even P5,000, in the next 12 months for a studio unit, and the others will just get cheaper and cheaper as the months pass,” Leechiu said during a construction industry event in San Juan City.
He attributed the declining rental rates to an oversupply of middle-market condominiums rather than a broader property crisis.
According to Leechiu, Metro Manila has approximately 800,000 condominium units, including 80,000 that remain unsold. Only 3,000 units were sold in the previous quarter, highlighting the gap between available inventory and demand.
Despite the slowdown, Leechiu expects the market imbalance to resolve within three years, although rental prices and market conditions could continue weakening over the next 18 months.
For tenants, cheaper condominium rentals could make living closer to workplaces more affordable, potentially saving three to four hours of daily commuting time.
Leechiu described the current conditions as an opportunity for renters to secure more affordable housing in Metro Manila while also encouraging prospective buyers to consider middle-market condominium properties.
