Demand in the local residential rental market has shown signs of weakening since the beginning of this year and rental increases have slowed down in the last quarter, said Finance Minister and Second Minister for National Development, Sunny Ing.

Speaking at the Singapore Real Estate Agents' Conference, Ms Ieng said the pressure on the rental market is expected to ease in the next few quarters.

This year alone, nearly 40,000 HDB and private residential units were completed, the most in five years, and 100,000 units are expected to be completed in the next three years.

The minister said that once these new units are ready for occupation, families who are renting while waiting for the new homes to be completed will move out, which will help slow down the demand for rental housing and stabilise rents.

Ms Ingrannie also said that the authorities understand that tenants are concerned about the rental market and the government will continue to keep a close eye on rental trends.