Singapore, 12 May 2021 SINGAPORE - Rents for condominium units and Housing Board flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped.
As at last month, condo rents have risen for four consecutive months, while HDB rents rose for 10 straight months, according to flash data from real estate portal SRX released on Wednesday (May 12).
Condo rents are up 5.2 per cent in April from a year ago, although they are still down 11.9 per cent from their peak in January 2013.
HDB rents, which are 5.6 per cent higher than a year ago, have hit their highest since July 2016, although they are still 10 per cent down from their peak in August 2013.
Ms Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics, said rents have been rising as demand for rental units appear to be outstripping supply. "Housing vacancy is low and supply of newly completed homes is limited. Many locals have been renting units in recent months, including HDB upgraders who have sold their flats recently to take advantage of the rapidly rising HDB resale prices," said Ms Sun. These HDB upgraders may then rent a unit in the interim while they look for their next permanent home, she said.