by OrangeTee & Tie Pte Ltd.

Condo, HDB rents rise again in August; volumes remain lower on-year

SRX Rental Data

Singapore, 14 Sep 2022

BOTH condominium and HDB (Housing Board) rentals rose in August to achieve the 20th and 26th straight month of growth, respectively, although volumes continued to fall short on a year-on-year comparison. 

According to flash data released by SRX Property and 99.co on Wednesday (Aug 14), August rental prices for condominiums rose 3.2 per cent from the previous month with the largest contribution coming from the core central region (CCR) at 3.7 per cent. This was followed by the rest of the central region (RCR) and outside central region (OCR) at 3.1 per cent and 3 per cent, respectively.

Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, thinks overall condo and HDB rental prices may either continue rising or remain at current levels in the coming months as “the tight housing situation is not expected to be alleviated soon”. 

“We do not expect rental demand to rebound too significantly due to some price resistance unless there is a significant ramp-up in foreign employment, which may push rental demand higher,” she said. 

Sun is anticipating the luxury segment to benefit from Singapore’s recent initiatives to attract top foreign talent in key sectors, which include issuing new work passes for high earners. She also foresees higher demand for large private homes, including landed properties, as foreign expats sponsoring their dependants could stay here for up to 5 years.

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