SINGAPORE: The surge in home rents appears to be slowing amid a “growing disparity” in expectations, with tenants resisting increases and landlords reluctant to lower prices in the face of rising costs.
Property agents CNA spoke to said that they are getting fewer enquiries from potential tenants for Housing Board and condominium rental listings this year.
The main reason is probably because there are a lot of new condos that have already been completed this year, and some more big ones that are scheduled to be completed in the second half of the year,” said Mr Jack Sheo, a PropNex agent.
“We are seeing a situation where tenants have more choices.”
Flash estimates from property portals SRX and 99.co last week said that condo rents went up by 3.5 per cent in February. Year-on-year, condo rents have spiked by 36.2 per cent from February 2022, said the report.
But property analysts said increases are likely to taper off this year as the market adapts.
ERA analyst Eugene Lim and OrangeTee & Tie’s Christine Sun both said demand will likely cool over the year as more HDB flats and private condominiums enter the market.
Source: CNA
