Singapore, 29 Mar 2023 CONDOMINIUM rental prices were up 3.5 per cent in February, a steeper increase from the 1.4 per cent rise in January, as indicated by flash estimates from SRX and 99.co on Wednesday (Mar 29).
The monthly increase in condo rents in February was the highest in a year, outpacing growth every month since February 2022.
Housing and Development Board (HDB) rents climbed 1.2 per cent in February 2023, a larger increase from the previous month – when HDB rents increased by 0.6 per cent from December 2022.
Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, said: “Some tenants have also moved to cheaper locations such as suburban areas or selected more affordable housing options like HDB flats instead of accepting higher rents. This could be why rents rose the most in the Outside of Central Region (OCR) last month.”
OrangeTee& Tie’s Sun noted that rental growth may start to ease when a substantial supply of new homes enters the market in the second half of this year.
For now, however, rents may remain high as landlords face increasing costs stemming from higher maintenance fees, property taxes and mortgage payments, she said.