Rents in Singapore’s Housing and Development Board (HDB) flats and condominiums increased more sharply in February 2023 compared to the previous month. The rental volume, on the other hand, has been declining. The SRX Property Rental Index, which measures monthly rents in Singapore, provided these findings. According to the data, while rental rates are increasing, the number of people renting properties is decreasing.
This trend is likely due to a combination of factors, including an increase in rental property supply and a decrease in demand as people opt to buy homes instead. Furthermore, the ongoing COVID-19 pandemic may have influenced rental demand, as people are increasingly working from home and may be less inclined to rent properties located further away from their homes.
Andy's Take on this: Overall, this trend in the Singapore property market suggests that renters may have fewer options and may have to pay higher prices for the properties that are available. Those looking to buy a home, on the other hand, may have more options and may be able to negotiate better prices.
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Source: BT 29/02/2023