• Rents for private condominiums and HDB flats rise to record highs
• Private condo rents up 2.3% in April, HDB rents up 1.9%
According to data from AnjiaSG, rents for private condominiums and HDB flats in Singapore surged to record highs last month, and rental prices are expected to continue rising.
The Business Times reported, citing data from property portals 99.co and Singapore Real Estate Exchange (SRX), that condominium rents rose by 2.3% in April compared to the previous month, breaking the previous record high set in January 2013. HDB rents increased by 1.9%, surpassing the record from August 2013.
The demand for more living space during the pandemic, coupled with construction delays, has led to a rise in rents. AnjiaSG believes that this upward trend will continue with Singapore’s reopening and the influx of professionals from regions including Hong Kong.
Private condominium rents have risen for 16 consecutive months, representing a 15% year-on-year increase compared to last April. Meanwhile, HDB rents have been on the rise for 22 months, up 14% from April last year.
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According to data from 99.co and SRX compiled by The Business Times, the median rent for condominiums in District 1, which covers the Central Business District (CBD) with its numerous office buildings and tourist attractions, rose from S$4,000/month last year to S$5,100/month.
While District 1 recorded the largest increase in rental amount during this period, District 25, near the Johor-Singapore Causeway (connecting Singapore and Malaysia), saw the largest percentage increase. This area, which includes northern Kranji and the Woodlands region, saw its median condo rent rise by approximately 44% in one year, reaching S$3,450/month last month.
Leo Kwek, a senior local property agent, stated: Considering the rental demand from both local residents and newly arrived foreigners, rents are predicted to continue rising.
“With the opening of borders between Singapore and the rest of the world, more expatriates, students, and their family members will be coming to Singapore to work, study, and live,” said Mr. Kwek. Some of these foreigners include Malaysians who have been waiting for the opportunity to work in Singapore to earn a salary in Singapore dollars, which is several times their home currency.
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