Singapore, 16 Mar 2022 Delays in construction due to the Covid-19 pandemic restrictions have persisted to push rents higher in both condominiums and House and Development Board (HDB) flats. According to SRX flash estimates and 99.co, condominium rents have rose for 14 months straight, increasing 1.4 per cent in February compared to the previous month.
While rents for HDB flats have also continued to increase by 1.7 per cent over the same period.
Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie said that many owners of private homes and HDB flats have been selling their units since resale prices have been on the rise over the past few months, yet new completions are not meeting the demand for housing. "Inflation and rising costs such as higher maintenance charges, climbing interest rates, higher property taxes, etc may also have a snowball effect on rents, as landlords pass on the costs to their tenants. Therefore, rents may continue to climb if inflationary pressures continue to escalate in the coming months," said Sun.