Singapore, 10 Feb 2021 [SINGAPORE] The climb out of the pandemic-induced rut seems to be in tandem with rental volume for both Housing Board flats and condominium units recording another month of increases in January this year.
Condo rentals rose 11.3 per cent last month to an estimated 4,747 units, compared with 4,266 units in December last year, according to flash data from real estate portal SRX Property released on Wednesday.
Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics, said it is not surprising to find rental volumes rebounding, with the Covid-19 situation improving in Singapore and progressive changes being made to reopen the country for international travel.
"More Singaporeans and permanent residents have been returning to Singapore and many require short- to mid-term accommodation," she said.
There have also been more inbound travellers, such as students, work pass holders and long-term visit pass holders looking for rental units in recent months, she added.
"Many of these people are looking for accommodation near their schools and workplaces, which help to prop up leasing demand for HDB resale flats and private homes in the city fringe and suburban areas."
As more travel restrictions continue to be lifted, rental demand may continue to improve in the coming months, Ms Sun noted.