by OrangeTee & Tie Pte Ltd.

Condo, HDB rents up in September; strong demand ensures landlord's market

SRX Rental Data

Singapore, 12 Oct 2022

SINGAPORE - Rents for Housing Board flats and private apartments picked up pace last month, with analysts noting that more pressure could be placed on the rental market after the latest round of cooling measures. 

HDB rents climbed by 3.2 per cent in September, compared with August's 2.4 per cent, with rents across all flat types in both mature and non-mature estates rising, according to flash figures released on Wednesday by property portals 99.co and SRX. 

Condominium rents went up by 3.3 per cent last month, compared with 3.2 per cent the month before, with those in the city fringe growing at the fastest pace at 3.9 per cent.

OrangeTee & Tie senior vice-president of research and analytics Christine Sun said although rents have been rising, demand remains strong as it is still a landlord's market. 

"With few housing options available, many tenants have acceded to paying the higher asking rents. Even older properties and less accessible homes are in demand and able to fetch quite attractive rents," she said.

Ms Sun said the double-digit increases across both markets can be considered substantial given the short period of time.

Ms Sun said she expects rents to rise further as landlords have passed additional costs such as rising interest rates to their tenants. 

"With the impending GST (goods and services tax) increase and higher property taxes next year, we may expect rents to rise further," she added.

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