{"id":124003,"date":"2021-12-29T02:46:08","date_gmt":"2021-12-28T19:46:08","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rents-hit-a-six-year-high-fuel-expat-housing-woes\/"},"modified":"2021-12-29T11:02:43","modified_gmt":"2021-12-29T04:02:43","slug":"singapore-rents-hit-a-six-year-high-fuel-expat-housing-woes","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rents-hit-a-six-year-high-fuel-expat-housing-woes\/","title":{"rendered":"Singapore rents hit a six-year high, fuel expat housing woes"},"content":{"rendered":"


\nSingapore 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.
\nSingapore saw home rents increase to a six-year high, with analysts expecting further hikes as demand outweighs supply, reported Bloomberg.
\nThe hike has added to the rising costs facing residents, particularly expatriates.
\nMuch of the gains in rent is attributed to the COVID-19 pandemic \u2013 a shortage of migrant workers contributed to construction delays, which forced people to lease as they wait for the completion of their apartments. Younger Singaporeans looking for space to work remotely have also been moving out of their family home, while homeowners returning from their stints overseas are taking back their apartments, reducing the rental stock.
\n\u201cAt the beginning of the pandemic, people expected a high probability of deflation setting in,\u201d said Savills Executive Director of Research Alan Cheong as quoted by Bloomberg.
\n\u201cBut who would have anticipated the opposite, an endemic inflation that\u2019s now the talk of the town.\u201d
\nNotably, the private home rental price index climbed to its highest level in six years.
\nRelated article:\u00a0Condo Rental Prices in Singapore: How Much You Need to Earn to Afford Different Districts
\nCheong noted that apartments with a monthly rent of between $2,500 and $4,000 may face the greatest pressure due to high demand. In fact, rents for some units have increased by 10% to 15% this year alone.
\nThe Monetary Authority of Singapore has also sounded a note of caution, pointing that home rentals rose 7.1% during the first nine months of this year.
\nAnd while supply remains somewhat adequate, \u201cfurther declines in the vacancy rate could trigger a sharper increase in rentals\u201d, said the central bank in its Financial Stability Review this month.
\nUrban Redevelopment Authority (URA) data showed that the rental price index jumped to 111.3 in Q3 2021, its highest since the first quarter of 2015.
\nIn its cost of living rankings for 2021, the Economist Intelligence Unit has listed Singapore and Paris as the second most expensive city in the world. The city-state is also one of the priciest property markets.
\nRelated article:\u00a0HDB Rental Prices: Rental Rates for 3, 4 and 5-Room Flats in Singapore
\nA surge in home sales and prices prompted authorities to introduce a new round of property cooling measures earlier in the month, with the curbs mainly targeted at acquisitions by investors and foreigners.
\nUnlike other global financial centres such as London and New York, residents within the city-state do not have the choice of moving to the countryside to ride out the COVID-19 pandemic. That means rental demand remained high, allowing landlords to raise fees.
\nSingapore expatriates are hit the hardest since most of them prefer private apartments, said OrangeTee & Tie Senior Vice President of Research and Analytics. While they are allowed to rent public units, most want to live in private apartments due to the amenities offered such as tennis courts and swimming pools as well as the closer proximity to their workplaces within the city centre.
\nThe new cooling measures have made it more costly for foreigners to acquire a home in Singapore. As such, some expats who recently moved to the city-state are staying put in serviced apartments while looking for good rental deals.
\nOthers, such as American national Shiv Sharma, plan to just accept the price hike. The senior executive at StockTwits, which is a social media platform for investors, shared that his real estate agent has warned him of a significant hike in rent once he renews his lease in March.
\n\u201cThe issue is my wife is pregnant and is due in February. So, it\u2019d be tough to move around with a newborn,\u201d said Sharma, who\u2019s been living in Singapore for two years.
\n\u201cIf that wasn\u2019t the case, I would 100% look for a better deal elsewhere if the rent of my current place is raised,\u201d he added as quoted by Bloomberg.
\nLooking ahead, analysts see rental supply remaining tight next year. Building delays are forecasted to persist as the Southeast Asian nation curbs the flow of foreign construction workers amid uncertainty over omicron.
\n\u201cFor 2022 and possibly 2023, we do not expect the leasing market\u2019s rhythm to return to anywhere near where it was before the pandemic struck,\u201d said Cheong.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore rents hit a six-year high, fuel expat housing woes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore rents hit a six-year high, fuel expat housing woesURA data\u00a0revealed that the rental price...<\/p>\n","protected":false},"author":1,"featured_media":124004,"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-124003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/condo-singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-wg3","jetpack-related-posts":[{"id":104989,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/expat-rents-continue-to-drop-in-singapore\/","url_meta":{"origin":124003,"position":0},"title":"Expat rents continue to drop in Singapore","date":"March 14, 2019","format":false,"excerpt":"\r A new study shows that rental prices in Singapore are now on average US$500 cheaper per month than in 2016. Despite the continuous drop in rental prices for expatriates, Singapore remains in the top 10 most expensive locations for expatriate rents in Asia as it occupies eighth place, according\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"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":124003,"position":1},"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":[]},{"id":114595,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-rents-hit-a-three-year-high-as-expat-demands-surges\/","url_meta":{"origin":124003,"position":2},"title":"Singapore rents hit a three-year high as expat demands surges","date":"February 28, 2020","format":false,"excerpt":"\r Data 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. Singapore saw residential rents hit a three-year high in 2019, on the back of strong expatriate demand. Using Urban Redevelopment Authority (URA) data, real estate\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":124003,"position":3},"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. The number of non-residents in Singapore dropped by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116219,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-singapore-expats-seek-rent-cuts\/","url_meta":{"origin":124003,"position":4},"title":"Some Singapore expats seek rent cuts","date":"May 11, 2020","format":false,"excerpt":"\r Singapore expats are asking for lower rents as they face the prospect of salary cuts amid slower businesses due to the Covid-19 pandemic. Clarence Foo, a real estate agent with APAC Realty unit ERA, revealed that he has encountered seven such cases in the past month \u2013 the most\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":605,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-rents-across-the-globe-are-at-their-lowest-in-5-years\/","url_meta":{"origin":124003,"position":5},"title":"Luxury rents across the globe are at their lowest in 5 years","date":"December 25, 2015","format":false,"excerpt":"\r Even London has slipped from first place Guangzhou took the top spot Knight Frank recently released its\u00a0Prime Global Rental Index for Q3 2015, revealing that luxury residential rents across the world fell by 0.9 percent in the year to September, the index\u2019s weakest performance in five years. The index\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2015\/12\/knight-frank-global-prime-rents-1024x681.jpg?fit=1024%2C681&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/124003"}],"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=124003"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/124003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/124004"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=124003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=124003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=124003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}