by OrangeTee & Tie Pte Ltd.

Tough 2021 for residential landlords as rent budgets, foreign workforce shrink



SG, 04 Jan 2021

T'S going to be another gloomy year for private residential landlords as cuts to tenants' rental budgets continue while more foreigners lose their jobs in Singapore. And don't hold out for the Chinese tech companies which are expanding in Singapore to fill the increasing number of empty homes, as it's far from clear how many expats they will send here. The vacancy rate is estimated to rise to 7 per cent and 8-9 per cent for full-year 2020 and 2021, respectively.

"The private rental market is perhaps one of the 'greater casualties' of the pandemic when compared to other property segments," said Christine Sun, head of research & consultancy at OrangeTee & Tie.

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