Recent data shows that flat rents have continued to fall for five consecutive months, while HDB rents have risen slightly. One of the main reasons for this change is the decline in the number of HDB flats that meet the minimum occupancy criteria, resulting in a corresponding decrease in the number of units available for rent. The decline in flat rentals is the result of an imbalance between supply and demand in the market, which has prompted the Government to take measures to increase supply and raise the maximum number of tenants allowed per unit.

In the past few years, rental prices in Singapore have been steadily rising, surpassing Hong Kong to become the most expensive city in Asia. Strong demand for rental properties and insufficient supply are the primary factors contributing to the rising rental prices. In response to this, the Singapore government has taken action, including increasing the supply of HDB flats and private residences, and closely collaborating with the construction industry to address the market's supply-demand imbalance.

It's worth noting that the government has adjusted the maximum number of tenants allowed for HDB flats. From January 22, 2024, to December 31, 2026, the maximum number of tenants per unit will be increased from the original 6 people to 8 people. This measure only applies to 4-room flats and larger units, while the maximum number of tenants for 1, 2, and 3-room flats remains unchanged. Authorities will evaluate the market's performance by the end of 2026 to determine whether to extend this measure.

Additionally, the government has implemented other measures to increase housing supply. It is expected that nearly 100,000 residential units will be completed in the next three years, effectively addressing the issue of tight housing supply. The government has also increased investment in public housing to meet the needs of low-income individuals.

In the rental market in Singapore, a legal tenancy agreement is essential. While the Housing and Development Board does not explicitly state the necessity of a contract, the key information contained in the agreement is crucial for protecting the rights of both landlords and tenants. Contracts typically include the full names and identification numbers of the landlord and tenant, the address of the property for rent, the lease term, rent amount, payment details, any additional fees, and other relevant information.