Singapore, 26 Apr 2023 Rents for condominium units dipped for the first time in March, after climbing for 26 consecutive months, a sign that tenants are continuing to resist rent increases.
Condo rents decreased marginally by 0.3 per cent in March, following a 3.5 per cent increase in February, according to flash figures released on Wednesday by property portals 99.co and SRX.
OrangeTee & Tie’s senior vice-president of research and analytics Christine Sun said the marginal overall rent decline in March could be due to the growing disparity in expectations, as tenants resist rent increases while landlords raise rents to cope with rising inflation and higher mortgage payments.