by OrangeTee & Tie Pte Ltd.

Condo, HDB rents extend rise in July; more units leased as demand stays firm

SRX Rental Data

Singapore, 11 Aug 2022

Rental prices for Housing Board flats and private apartments continued to rise last month, with analysts noting that the trend will continue as completed housing projects are unable to catch up with demand.

HDB rents climbed at a slower pace of 1.5 per cent in July, compared with June's 2.3 per cent, with rents across all flat types in both mature and non-mature estates rising, according to flash figures from property portals 99.co and SRX released on Thursday (Aug 11).

Condominium rents went up by 1.7 per cent last month, compared with 2.1 per cent the month before.

More tenants are accepting the increased rents, said OrangeTee & Tie senior vice-president of research and analytics Christine Sun.

She said: "This could be because they are aware that housing stock is lacking in the market and demand will continue to grow.

"Foreigners and permanent residents who have just returned from overseas have to accept the higher rental costs as they do not have other housing options."

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