Figures from the Urban Redevelopment Authority show that private residential rents in Singapore saw the fastest increase in 15 years last year.

According to property websites 99.co and SRX, flat rents soared 34.4 per cent year-on-year last year; HDB rents jumped 28.5 per cent.

Real estate agents and market analysts say that while there is an increasing trend of expatriates moving from flats to HDB flats or intending to do so, the number is small and is not expected to have a significant impact on the HDB rental market.

Although the rate of increase is slightly lower than that of flat dwellings, it is still a significant burden on expatriates' salaries. As a result, some expatriates have already moved from flats to HDB flats with lower rents. Other expatriates have also indicated that they are considering doing so.

Willy, a young expat working in Singapore, and his wife were originally living in a flat, but due to the high rents, they have opted to move to an HDB flat. Despite the difference in living conditions, Willy believes that HDB flats can be a good option for young people who are new to Singapore, especially during the economic downturn.

However, some expatriates do not choose HDB flats because the rent is too high, but because the location of HDB flats is closer to their workplace. Xiao Liu, a Chinese programmer working in Singapore, chose to rent an HDB flat because his workplace was nearby and it would have taken him a longer commute if he had rented a flat, which would have wasted his valuable time.

However, some people believe that expatriates switching from condominiums to HDB flats is an isolated case. Insiders say that while there is an increasing trend of expats moving from flats to HDB flats or intending to do so, the number is small and is not expected to have a significant impact on the HDB rental market.

In addition, some expatriates are choosing to share flats with friends to share the cost of rent. For example, Julia from the Philippines rents a flat with two of her friends for about S$1,200 per month, which is more economical than renting a HDB flat alone.

However, for expatriates who do not have a suitable sharing partner, the increase in HDB rents should not be underestimated. Although HDB rents are slightly lower than flats, they can be a burden for expatriates who are already living on a tight budget.

In this market environment, some expatriates are also choosing to move out of the city and opt for accommodation away from the city to get cheaper rents. For example, Asai, who is from Malaysia, moved out of the city after rents skyrocketed, albeit further away from the city centre, but said he did so to save money on rent.

For expatriates, the cost of renting a home has become a major cost of living, and the soaring rents in Singapore have put a lot of pressure on expatriates to find ways to cope with the high cost of rent, including opting for shared accommodation and moving away from the city.