According to statistics, the rent in August rose by 3.2% compared to July.
Although the rent increase is outrageous, but more outrageous is that in such a high rent situation, more than ten groups of people at the same time to grab a house. Even exaggerate a little, casually look, the room has been rented out.
Why did the rent go up?
After the opening of the epidemic in Singapore, the demand for rental housing in Singapore has surged. There are four main reasons:
1. the gradual return of many Singaporean PRs and citizens abroad, which increased the demand in the rental market.
2. the Singapore market is hot and the number of international students has increased. A set of data released by the Singapore Ministry of Education in July this year showed that the number of Singapore student permit holders increased by more than 4,000 from 55,100 to about 59,200.
3. the number of PRs has increased. about 21,500 citizens were approved in 2021 and about 33,400 permanent residents were approved, a 12-year high!
4. Many multinational companies have set up their headquarters in Singapore and the number of foreign workers is increasing.
Grab opened its headquarters in Singapore to house 3,000 people, Dyson opened its headquarters with over 1,000 jobs; China Kexing Group set up its research facility and international business headquarters in Singapore; TSMC announced it will invest $1 billion to build a plant in Singapore ..... People will flock to Singapore immediately!
The 2022 Population Brief released by the National Population and Talent Management Authority under the Prime Minister's Office on September 27 shows that as of June this year, Singapore's total population was about 5.637 million, about 180,000 more than in June last year, an increase of 3.4% year-on-year.
Combined with the above data, rents in Singapore are likely to remain at a high level for a short period of time, and may even continue to rise.
Once rents have gone up, it will be difficult to come down again. In the long run, with the future development of Singapore remaining unchanged, market demand will not decrease and rents will not drop significantly
