SINGAPORE: Temporary accommodation due to COVID-19 related construction delays and broad-based demand amid the pandemic recovery are among the reasons why housing rents are increasing recently, said National Development Minister Desmond Lee.
Housing and Development Board (HDB) rents hit record highs in the third quarter of 2022, climbing by 7.5 per cent quarter-on-quarter, according to the SRX Rental Index. In the first nine months of 2022, HDB rents surged 20.9 per cent.
Ms Christine Sun, senior vice president of research and analytics at OrangeTee and Tie said there may not be a quick respite from surging rents.
“With more tenants signing longer lease tenures, we may expect the rental volume to fall further as fewer transactions will be recorded over time. The longer lease periods will also lead to fewer homes available for rental.