{"id":114595,"date":"2020-02-28T10:09:31","date_gmt":"2020-02-28T03:09:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rents-hit-a-three-year-high-as-expat-demands-surges\/"},"modified":"2020-02-28T11:46:36","modified_gmt":"2020-02-28T04:46:36","slug":"singapore-rents-hit-a-three-year-high-as-expat-demands-surges","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rents-hit-a-three-year-high-as-expat-demands-surges\/","title":{"rendered":"Singapore rents hit a three-year high as expat demands surges"},"content":{"rendered":"


\nData from URA showed that rents have increased by 1.4% last year, while the number of leases inked rose to a decade-high 93,920 units.
\nSingapore saw residential rents hit a three-year high in 2019, on the back of strong expatriate demand.
\nUsing Urban Redevelopment Authority (URA) data, real estate agency OrangeTee & Tie noted that rents increased 1.4% last year, while the number of leases inked rose to a decade-high 93,920 units.
\nRental apartment demand in the city-state mostly comes from expats, who find it cheaper to rent than purchasing a unit outright due to hefty stamp duties imposed on foreigners.
\nRelated: Additional Buyer\u2019s Stamp Duty (ABSD): A Simple Guide for Property Buyers
\n\u201cSome expats could be here for short-term work assignments, therefore leasing will be a more logical and flexible choice,\u201d said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
\nMajority of Singaporeans, on the other hand, live in public housing and consider renting as cost-inefficient given the high property prices, reported Bloomberg.
\nSingapore attracts high-skilled expats as it continues to invest in sectors like health and fintech. Foreigners find the city-state appealing due to its efficient infrastructure, political stability, low crime, high education standards and green spaces.
\nMoreover, rents in Singapore are cheaper compared to Hong Kong and New York. In fact, a Deutsche Bank report last year listed Hong Kong as the most expensive place to rent, with San Francisco and New York following in second and third place, respectively. Singapore inched one spot to 11th.
\nLooking ahead, analysts expect rents to further increase between 3% and 5% this year even as Singapore braces for fallout from the COVID-19 outbreak.
\n\u201cThe strong influx of overseas workers in the new economy and companies seeking to de-risk from single country concentration should spur rents in 2020,\u201d said Savills Executive Director of Research Alan Cheong.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore rents hit a three-year high as expat demands surges<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Data from URA showed that rents have increased by 1.4% last year, while the number...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114595","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tOj","jetpack-related-posts":[{"id":107168,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-property-rents-continue-to-rise\/","url_meta":{"origin":114595,"position":0},"title":"Singapore property rents continue to rise","date":"May 16, 2019","format":false,"excerpt":"\r Rental demand in Singapore is also expected to remain robust as more expats renew or sign contracts. Rents for condominiums across Singapore rose 2.4 percent year-on-year and 0.6 percent month-on-month, with the Core Central Region (CCR) recording the highest increase at 2.8 percent, reported Singapore Business Review. Rents in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118074,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-rents-to-face-downward-pressure-in-the-coming-months\/","url_meta":{"origin":114595,"position":1},"title":"Residential rents to face downward pressure in the coming months","date":"August 4, 2020","format":false,"excerpt":"\r Leasing demand will likely weaken given that the ongoing economic slowdown\u00a0and\u00a0border control measures are reducing the pool of limited tenants within the market. Residential rents in Singapore are expected to continue facing downward pressure over the coming months, reported Singapore Business Review citing JLL. This comes as leasing demand\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-hdb-resale-prices-up-in-q3-2019\/","url_meta":{"origin":114595,"position":2},"title":"Private home prices, HDB resale prices up in Q3 2019","date":"October 25, 2019","format":false,"excerpt":"\r Meanwhile, buyer demand for\u00a0HDB resale flats has remained surprisingly resilient, with 6,264 resale flats changing hands, which is almost on par with the 6,276 units transacted in Q2 2019. Despite rising global uncertainties, the impact of additional cooling measures and lukewarm consumer sentiment, Singapore\u2019s real estate market continued to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/10\/ura-property-price-index-q3-2019-singapore.png?fit=550%2C283&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":140076,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-price-growth-slows-up-1-3-in-q3-2023-private-home-prices-post-marginal-increase-of-0-8-in-q3-2023-and-more\/","url_meta":{"origin":114595,"position":3},"title":"HDB Resale Price Growth Slows, up 1.3% In Q3 2023, Private Home Prices Post Marginal Increase of 0.8% In Q3 2023 and More","date":"October 30, 2023","format":false,"excerpt":"\r HDB Resale Price Growth Slows, up 1.3% In Q3 2023, Private Home Prices Post Marginal Increase of 0.8% In Q3 2023 and More24\u00a0October to 30\u00a0October 2023 Resale prices of Housing and Development Board (HDB) flats increased 1.3% in the third quarter of 2023, slowing from the 1.5% growth registered\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/10\/singapore-hdb-landscape-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":124003,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rents-hit-a-six-year-high-fuel-expat-housing-woes\/","url_meta":{"origin":114595,"position":4},"title":"Singapore rents hit a six-year high, fuel expat housing woes","date":"December 29, 2021","format":false,"excerpt":"\r Singapore rents hit a six-year high, fuel expat housing woesURA data\u00a0revealed that the rental price index has increased to 111.3 in Q3 2021, its highest since Q1 2015; private property\u00a0which cost\u00a0$2,500 and $4,000 in monthly rental fees see high demand. Singapore saw home rents increase to a six-year high,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/condo-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":115348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/expat-rents-in-singapore-increase-for-the-first-time-in-five-years\/","url_meta":{"origin":114595,"position":5},"title":"Expat rents in Singapore increase for the first time in five years","date":"April 2, 2020","format":false,"excerpt":"\r The average monthly rental for expatriates in Singapore rose 1.4% from last year to $6,069 (US$4,233) \u2013 its first increase in five years, showed a study by ECA International. ECA International\u2019s Regional Director for Asia Lee Quane attributed the uptick to an influx of overseas relocation, particularly by expats\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/114595"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=114595"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/114595\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=114595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=114595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=114595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}