SG, 14 Jan 2021 HDB rental prices rose 1.2% for the whole of 2020 whilst condo rent prices dipped slightly, as the pandemic hit on hiring prospects and weighed on foreign worker demand. Condo rents fell 0.2% in 2020, a decrease following the 4% rise in 2019, according to data from the SRX. Rents in the Core Central Region (CCR) and Rest of Central Region (RCR) dropped by 2.6% and 0.5%, respectively, over the course of the year. In contrast, rents of condos in Outside of Central Region (OCR) rose 1.4%. For the month of December, condo rents decreased 0.3% from November 2020, with CCR and OCR rents decreased by 0.4% and 0.6%, respectively whilst RCR increased by 0.1%.
The pandemic seemed to have reversed a decade of rampant growth in rental demand, notes Christine Sun, head of research and consultancy, OrangeTee&Tie. “Owing to the rising foreigner unemployment, weak hiring prospects and travel restrictions, the total rental transactions for the whole of 2020 were lower for both the private residential and HDB markets when compared to 2019,” Sun added.