Singapore, 16 May 2021 SINGAPORE - Disruptions arising from the Covid-19 pandemic have altered renting patterns, and helped boost rents in both the private and public housing markets in Singapore.
With vacancy low and the supply of new completed homes limited, rent growth has been supported by demand from foreigners extending their stay or arriving amid travel restrictions, and anticipated delays in the building of new flats and private homes due to labour constraints.
In the first quarter, the Urban Redevelopment Authority (URA) residential rental index was 0.6 per cent higher compared with a year ago, and 2.2 per cent higher over the fourth quarter. HDB rents, which were up 5.6 per cent from a year earlier, hit their highest since July 2016, but were still 10 per cent down from their peak in August 2013, according to the latest flash data from real estate portal SRX.
Ms Christine Sun, OrangeTee & Tie senior vice-president, research and analytics., said: "Some young executives have also moved out of the family homes for more space and privacy as they have to work remotely for longer." At the same time, as Singapore progressively opened up, a growing number of Singaporeans, permanent residents, students and long-term pass holders returning from overseas have been looking to rent near their workplaces and schools. This has helped to prop up HDB and private home rentals in the city fringe and suburbs, where rents are more affordable, she said.