Singapore, 27 Mar 2023 When a purported property agent told Ms Joelle Wang to pay $1,800 to secure a room for rent before viewing it, her anxiety over the competitive rental market led her to quickly transfer the sum online.
OrangeTee & Tie’s senior vice-president of research and analytics Christine Sun said rents have been rising exponentially over the past year as many landlords adjust prices amid the high demand.
Data released by property portals 99.co and SRX showed that HDB rents had risen for the 31st straight month in January, while condominium rents were up for the 25th month.
“With demand far outstripping supply and units readily snapped up by the highest bidder, many tenants acceded to paying the higher rents,” Ms Sun added.