Singapore, 11 May 2022 In April, rental prices for Housing Board flats and private apartments continued to grow, reaching new highs in both sectors, despite lower leasing volumes.
According to data provided on Wednesday by real estate websites 99.co and SRX, condominium rentals last month increased by 1.8 percent over the previous high in January 2013, while HDB rents increased by a record amount year on year (May 11). Overall, condo rentals increased by 2.3 percent, compared to 2.9 percent in March, while HDB rents increased by 1.9 percent, compared to 1.4 percent the month before.
OrangeTee & Tie senior vice-president of research and analytics Christine Sun noted that rents rose at a quicker pace in March and April, compared with April to December 2021. "Rents have been escalating over the past few months, and market resistance could be setting in. More tenants are renting units together to share costs," she said. This could push some Malaysians to not renew their leases and move back across the Causeway, opting instead to travel to Singapore regularly, Ms Sun added.