Singapore, 14 Apr 2021 More condominium units and Housing Board (HDB) flats were leased in March while rents continued to rise, as landlords opened their homes for viewing after the Chinese New Year lull and tenants flocked back to the market.
Rental volume for condo apartments rose to an eight-month high last month, surging by 32.4 per cent to an estimated 5,118 units, compared with 3,865 units in February, according to flash data from real estate portal SRX released on Wednesday (April 14).
Similarly, rental volume for HDB flats hit a nine-month high, increasing by 41.2 per cent last month to an estimated 1,983 flats, compared with 1,404 units in February.
Ms Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics, said the steady stream of Singapore permanent residents, long-term pass holders and students returning to Singapore may have resulted in higher rental demand in recent weeks.
"Occupancy is high since many tenants have renewed their leases. Fewer homes have also been completed due to construction delays. As a result, rental prices for condominiums and HDB flats continued to rise last month on higher demand and low supply," she said.