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Singapore rent will rise by another 15% next year!
Nov 9, 2022
Singapore rent will rise by another 15% next year! Singapore
By   Internet
  • City News
  • Rent
  • house rent
  • house lease
Abstract: Since this year, the most sensitive word about living in Singapore is price increase! Especially rents, which have gone up to a completely high degree month after month.

This year, housing rent increases hovered around 20%-40%, with an 8.9% increase in the third quarter alone. Among them, HDB flats rose by 26%-28%, that is to say, last year's rent of S$2,600/month, this year it takes nearly S$3,400/month to rent.

 

Private housing is even crazier, where once you could rent a two-bedroom apartment near Hwa Chong for S$3,000+/month, now it costs S$4,500/month. In some places the increase was 50% at one point.

 

Not only have rents gone up outrageously, whenever there are popular apartment types with 2-3 bedrooms, the internet is too slow to grab them.

 

According to the prediction of Orange Ease Industrial Research and Consulting Department, rents will continue to rise in the next, and may continue to rise by 15%-18% next year. Bank Negara Malaysia estimates that accommodation inflation will reach 5%-7% next year, which will be the fastest growth rate in the last 10 years.

 

The reasons for the rise are complex and include

 

More foreign employees coming to work in Singapore, and the opening up of 5-year work visas and long-term visas for specific areas, with more people flocking to Singapore to drive the rental market.

 

At the same time, in order to curb the overheating of the real estate market, the Singapore government tightened the housing loan limits, which in turn led to an oversupply of rental properties.

 

The real estate market in Europe and the United States has been cold, and more investors have turned to Singapore, and the real estate market has been exceptionally prosperous.

 

For the continued rise in rents, industry insiders say this trend is likely to continue until around 2025 before it declines.

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Singapore rent will rise by another 15% next year!
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