by OrangeTee & Tie Pte Ltd.

Rents may weaken further even as rental volume bottoms out

SRX Rental Data

May 2020

Singapore, 11 Jun 2020

Rental volumes for both non-landed private homes and HDB flats dropped more than 45% from the same time last year. Year-on-year, private rents are at the same levels as May 2019, while HDB rents fell by 0.8 per cent.

Looking ahead, Ms Christine Sun, Orange Tee & Tie's head of research and consultancy, said: "The rental situation may improve when travel restrictions are gradually eased and house viewings permitted as our economy continues to reopen.

"That said, the rental market may face some challenges ahead as the hiring outlook is increasingly cautious amid the growing economic headwinds."

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