Rental yields fell 1% q-o-q in 4Q18 despite improvements in vacancy rates. The 4Q18 residential rental index (RRI) fell 1.0% q-o-q (+0.3% q-o-q in 3Q18) despite vacancy rates improving further to 6.4% from 6.8% in 3Q18 and 8.4% in 3Q17. Both landed and non-landed residential homes saw rental rates fall by 2.1% and 0.8% q-o-q respectively. Rentals from all three regions fell. This is led by OCR (-1.7% q-o-q), followed by CCR and RCR (-0.6% and -0.5% q-o-q respectively).