According to unofficial estimates, rental prices for private condominiums in Singapore have experienced a decline over the past two months, while rental prices for public housing have continued to rise.

Specifically, overall rental prices for private condominiums dropped by 0.5% in September, with slight increases in the Core Central Region, but declines of 0.2% and 1.3% in other regions.

Compared to the same period last year, rental prices for private condominiums are still in an upward trend, but the recent downward trend may be attributed to the departure of foreign nationals.

On the other hand, the public housing market presents a different trend. Overall public housing rental prices increased by 0.4% last month, particularly with a 0.1% increase for three and four-bedroom public housing units, while five-bedroom units saw a 2.1% increase.

However, rental prices for executive condominiums decreased by 0.8%. Compared to the same period last year, overall public housing rental prices increased by 18.2%, reflecting robust local demand in Singapore.

The departure of foreign nationals from Singapore may be a significant factor contributing to the decline in private condominium rental prices. While Singapore has long been a refuge and a preferred work destination for foreigners, the continual rise in rents and high inflation rates have prompted some to consider cost-cutting measures or leaving the country. This has had a negative impact on the private condominium market, leading to a decline in rental prices.

The public housing market continues to demonstrate strong local demand, as Singaporeans continue to seek housing, which has somewhat stabilized the growth in public housing rental prices. It is worth noting that the government may need to re-examine policies in the rental housing market to balance local demand and foreign investment, ensuring market sustainability.

The rental housing market transformation in Singapore also reflects the complexities of the global real estate market. Global economic and social trends have significant implications for the market, requiring real estate stakeholders to closely monitor market trends and make prudent decisions.

Government authorities and industry professionals need to take measures to support tenants and landlords, mitigating market fluctuations. It may be necessary to adjust policies in the rental housing market to balance the relationship between local demand and foreign investment. This will ensure market stability and sustainable development.

In this new era of rental market transformation, challenges and opportunities confront tenants, landlords, the government, and industry professionals. How these changes are addressed will determine the future direction of the rental housing market in Singapore. This sector is worth continuous monitoring and requires the implementation of appropriate policies and measures to ensure market stability and sustainability.