by OrangeTee & Tie Pte Ltd.

HDB rents rise for 24th straight month; condo rents up 18th month in a row

SRX Rental Data

Singapore, 14 Jul 2022

On Thursday, July 14, according to the flash figures released from 99.co and SRX, with rents in both mature and non-mature estates rising, HDB rents rose by a total of 2.3 per cent in June, which is lower when compared to the 2.7 per cent growth in the month before. Meanwhile, condo rents increased by 2.1 per cent in June, compared with May's 2.9 per cent. About 4,175 condo units were rented in June, a 4.7 per cent month-on-month increase compared with May's 3,989 rentals.

OrangeTee & Tie senior vice-president of research and analytics Christine Sun said rents for HDB flats and condos have reached new highs.

She said that demand has surged dramatically over the past few months, causing rents to increase at a faster pace this year compared with last year, for both property classes.

"Many expatriates, permanent residents and international students have returned with the almost complete easing of our border controls," said Ms Sun. She added that those upgrading from HDB flats have added to the demand as many have rented units after selling their existing flats while they wait for the completion of their new homes, to avoid paying additional taxes on second properties.

Given that non-resident employment is expected to rise in the coming months, said Ms Sun, rental growth is likely to persist for the rest of the year.

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