Singapore, 28 Dec 2021 Private rental prices have reached a new peak, and is expected to continue climbing as demand for housing outstrips available supply. Younger couples turn to the rental market as they wait for their apartments to be constructed, Singaporeans have started to rent away from their family homes, and returning Singaporeans from overseas are moving back into their rented units, which reduces housing supply for rentals.
Expatriates in Singapore are being hit the hardest, given that many of them prefer private apartments, said Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie. While they can rent public units, most still choose to go private because of the amenities such as swimming pools and tennis courts, as well as closer proximity to their workplaces in the city centre.