Singapore, 01 Feb 2023 SINGAPORE - Rents for Housing Board flats and condominium units continued to climb in December, ensuring that 2022 ended as a landlords’ market, though some analysts note that an upcoming increase in units in 2023 may slightly ease the pinch felt by tenants.
Condo rents rose by 3 per cent in December, compared with November’s 2.8 per cent, with those in central Singapore growing at the fastest pace of 3.9 per cent, according to flash figures released on Tuesday by property portals 99.co and SRX.
OrangeTee & Tie’s senior vice-president of research and analytics Christine Sun said that some foreigners may have signed new contracts or renewed their leases before they went for their year-end holidays. Others may have signed contracts to lock in the rental rates before the year ends, she added.
Ms Sun said some HDB flat owners may take their time to consider a home upgrade, given the uncertain economic outlook in 2023 amid rising interest rates.