{"id":118074,"date":"2020-08-04T11:15:45","date_gmt":"2020-08-04T04:15:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-rents-to-face-downward-pressure-in-the-coming-months\/"},"modified":"2020-08-04T12:02:55","modified_gmt":"2020-08-04T05:02:55","slug":"residential-rents-to-face-downward-pressure-in-the-coming-months","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-rents-to-face-downward-pressure-in-the-coming-months\/","title":{"rendered":"Residential rents to face downward pressure in the coming months"},"content":{"rendered":"


\nLeasing demand will likely weaken given that the ongoing economic slowdown\u00a0and\u00a0border control measures are reducing the pool of limited tenants within the market.
\nResidential rents in Singapore are expected to continue facing downward pressure over the coming months, reported Singapore Business Review citing JLL.
\nThis comes as leasing demand will likely weaken given that the ongoing economic slowdown\u00a0and border control measures are reducing the pool of limited tenants within the market.
\nJLL noted that for the first time in 13 years, net absorption of private residential properties turned negative in the second quarter, indicating weaker leasing demand due to worsening business conditions affecting the wages and employment of expats.
\nSuggested read:\u00a07 Mistakes to Avoid When Renting a Home and What You Can Do
\nIn mitigation, low completion levels along with some withdrawals resulted in negative net new supply, which kept vacancy rate unchanged at 5.4% in Q2.
\nWith this, the residential rental index fell 1.2% in Q2, reversing Q1\u2019s 1.1% hike. Rents for landed homes declined by -2.3% during the quarter under review, while non-landed rental index softened by 1.1%.
\nAs developers launched no new project, the quarter only saw 1,852 new private homes launched, down 11.5% quarter-on-quarter and 26% year-on-year. Of those launched, 1,713 units were shifted, which represents a 20.3% quarter-on-quarter decline. But while new home sales volume slowed down in April and May, it posted a rebound in June.
\nURA revealed that the number of unsold units stood at 28,143 in Q2, down 4.3% quarter-on-quarter and 25.2% year-on-year. JLL said this marks the fifth consecutive quarter of falling unsold inventory on the back of sustained transactions within the primary market.
\n\u201cThe continued easing of unsold supply is a healthy development as oversupply is being reduced. However, it is still of concern to developers who are facing challenges in moving sales in the midst of cautious demand and market uncertainties,\u201d said Ong Teck Hui, Senior Director of Research and consultancy at JLL as quoted by Singapore Business Review.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\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…Residential rents to face downward pressure in the coming months<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Leasing demand will likely weaken given that the ongoing economic slowdown\u00a0and\u00a0border control measures are reducing...<\/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-118074","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-uIq","jetpack-related-posts":[{"id":102524,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/promising-outlook-for-private-residential-leasing-market\/","url_meta":{"origin":118074,"position":0},"title":"Promising outlook for private residential leasing market","date":"December 26, 2018","format":false,"excerpt":"\r \u00a0 Despite the softening demand from expatriates, the private residential leasing market\u2019s outlook appears to be promising in 2019, with occupancy rates and rents expected to improve, reported the Business Times. This comes on the back of easing supply as well as demand from displaced owners of en bloc\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102395,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-rental-market-to-soften-on-lower-expat-arrivals\/","url_meta":{"origin":118074,"position":1},"title":"Singapore\u2019s rental market to soften on lower expat arrivals","date":"December 19, 2018","format":false,"excerpt":"\r Expatriate housing packages have also been on the downtrend in recent years, placing some downward pressure on rental growth.\u00a0 Singapore\u2019s rental market is expected to soften next year on the back of the declining number of expats coming into the city-state. 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