Singapore, 29 Mar 2023 Rents for Housing Board (HDB) flats and condominium units continued to climb in February, even as fewer homes are being rented out, with some analysts noting a growing price resistance by some tenants in recent months.
OrangeTee & Tie’s senior vice-president of research and analytics Christine Sun said tenants are starting to resist rent increases, but many landlords, after enjoying more than two years of elevated income, are holding firm to their demands.
“Landlords are facing increasing costs stemming from higher maintenance fees, property taxes and mortgage payments. On the other hand, tenants are unwilling to pay more, since rents have already risen substantially over the past year, with some areas reaching record highs,” she added.
This disparity has likely resulted in leasing activity slowing down in February, with fewer deals closing in recent weeks, noted Ms Sun.