Expat rental rates are cheaper by $677 in 2019: ECA International

Rates for a mid-market, three-bedroom apartment go around $5,706 per month, on average.

Rental prices for Singapore expats in 2019 continued to dwindle down as rates are cheaper by $677 (US$500) a month compared to prices in 2016, a study by research firm ECA International found.

The firm noted that Singapore rental rates for an unfurnished, mid-market, three bedroom apartment in areas preferred by international executives slipped 1.3% YoY to an average of $5,706 (US$4,215) a month. This puts Singapore in the ninth spot of the most expensive locations for expat rents in Asia, following Mumbai, India where rents go around $5,877 (US$4, 342) on average.

Also read: Singapore's rental market weakens as expat demand dwindles

“Reductions in the population of non-residents in Singapore, a key driver of rental demand, has led to continued drops in rental prices for expatriates,” Lee Quane, ECA International regional director for Asia Lee Quane, said.

Quane added that expat rental rates in Singapore could continue to go down as the availability of properties might continue to increase with little anticipated rise in demand amidst the recent announcement that foreign workers in the services sector will only make up 35% of the employees by 2021.

Also read: Singapore expats burdened with lower packages and higher cost of living

Across Asia, Hong Kong has the priciest rental rates for expats as average rents per month have hit $14,793 (US$10, 929). This is followed by Tokyo with average monthly rates of $11,732 (US$8, 668) and Shanghai, with average monthly rates of $7,180 (US$5,305).