Is Singapore's high-end rental accommodation getting cheaper?

It is now the 7th most expensive in Asia.

Singapore is now the 7th most expensive location in Asia for high-end rental accommodation this year, falling from 4th position in the regional rankings last year.

This is according to the latest Accommodation Survey published by ECA International.

Rents for an unfurnished three-bedroom apartment across popular expatriate neighbourhoods in Singapore average US$4,535 per month. Although, since 2012, average rents in Singapore have significantly decreased.

“Property prices rise and fall based on the laws of supply and demand. When demand decreases, prices will fall. When the number of available properties increases, prices also usually drop. Both factors have significantly influenced rental prices in Singapore over the past five years,” said Lee Quane, regional director, Asia - ECA International.

“There have been several contributing factors at play here. Firstly, expatriate numbers in Singapore have stabilised recently, which has curbed demand for rental property in popular expatriate neighbourhoods. Furthermore, improved transport links in Singapore have led to a movement away from historically popular districts such as 9-11 to cheaper locations. Singapore has also received more assignees from places such as China, Malaysia, Taiwan and Thailand whose housing budgets are likely to be lower. These factors, combined with an increased supply of property in the market, have caused landlords to respond by reducing rental prices,” said Quane.