It seems like the first scenario where supply surpasses demand is a more accurate representation of the rental market in 2014. Unlike the sluggish private non-landed residential sales market, the leasing market remained fairly buoyant throughout the year. Transaction rent volume for private residential properties achieved a new record of 57,463 units in 2014, a marginal increase of 1.57 percent as compared to the year before. Much of the rise was due to a 4.9 percent year-on-year increase in leases in the OCR where most mass market condominiums are. Leases in the Rest of Central Region RCR also fared well, accounting for 55 percent of total rent transactions.