by OrangeTee & Tie Pte Ltd.

Condo, HDB rents up amid disruptions caused by Covid-19

SRX Rental Data

SRX Rental Data

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.

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