Condo rentals rise amidst increased demand from expats

Condo rents rose by 0.3% in August.

The Singapore rental market is showing promising signs of recovery, fueled by rising demand from expatriates and foreign workers, according to experts.

In August, condo rents rose by 0.3%, continuing the upward trend, though they were still down 3.7% year-on-year.

Mark Yip, CEO of Huttons Asia, noted the rising demand from Employment Pass holders and ultra-high-net-worth individuals relocating to Singapore due to geopolitical tensions. He also observed that some tenants are moving into their condominiums, opting not to renew their HDB leases.

Christine Sun, chief researcher at OrangeTee, echoed this view, adding that international students and expatriates are contributing to the surge in rental enquiries.

She added that improved business sentiment could follow a decrease in business costs, driven by lower interest rates. 

Sun forecasts economic growth in Singapore and globally over the next few years, which could create more favourable employment conditions, potentially benefiting the rental market when more expats are hired.