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Singapore rents soar 70%?
Nov 15, 2022
By   Internet
  • City News
  • Rent
  • rental market
  • rental trends
Abstract: This year has seen record high rents for local private homes and condominiums.

Rents for condominiums and private homes in Singapore have recently hit record highs. Among them, the price and number of government-owned housing units have increased.


According to rental data, overall rents for the units have soared 26.6 percent over the past year, up 1.8 percent from the previous month.


The number of public housing units for rent also increased in October, by 10.3% on a monthly basis to 1,995 units, and by 7.5% compared to the same month last year.


The private sector showed "price increases and decreases".


According to the Urban Renewal Authority, private rents soared by 8.6% in the third quarter of this year, a record high.


However, in terms of volume, rental units in the private sector fell by 8.7 percent in October compared to the previous month.


According to the data, rents for local apartments and private homes are frequently at record highs.


This wave of rising rents has caused a growing debate as even foreign professionals with higher incomes are beginning to be overwhelmed.


Some foreign professionals are even facing rent increases of up to 70 percent, according to Channel NewsAsia's media reports.


Some point out that when the rental market is booming, some landlords do not accept "bargains", resulting in tenants having to keep raising their prices and eventually locking in their units at a premium.


Others say that in order to grab the scarce rental units, some people even put down a deposit before even looking at the units.


As more and more foreigners move to Singapore, the rents of prime locations in Singapore have started to move closer to Hong Kong.


Whether high rents will affect the willingness of foreign professionals to come or stay in China has also raised the concerns of some MPs.


Two MPs, Andy (Bishan-Dabajogi constituency) and Shariel (Pasir Ris-Banjarjee constituency), asked whether high rents would affect Singapore's ability to attract foreign professionals, and were also concerned whether the authorities would take action to stop landlords from asking for exorbitant prices under the existing circumstances.


In response, National Development Minister Lee Chee Seong said in a written response on Monday (7) that the authorities are closely monitoring the rental housing market.


Meanwhile, on whether soaring rents would affect foreign professionals' willingness to come here, Lee said foreign professionals would also consider factors other than rent, such as Singapore's status as a global business hub, when deciding whether to move to Singapore.


There are concerns that high local rents may affect the willingness of foreign professionals to develop here.


The latest figures show that the three immature towns of Bukit Panjang, Bang Goan and Sengkang all have house prices of S$2,800, tied with Bishan and Queenstown for the highest in the country.


Apartment rents in immature towns have risen more than those in mature towns since the outbreak. From April 2020 to October 2022, apartment rents in immature areas have soared by 43.3%, while rents in mature areas have risen by 36.2%.

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