HDB rental demand weakens as businesses close

Tenants are not renewing HDB leases but are moving into condos instead.

Demand for HDB rental is weakening due to business closures in the retail and F&B industry, according to Mark Yip, CEO of Huttons Asia.

He noted that some tenants are not renewing their HDB leases but are moving into condos instead.

However, some HDB owners may upgrade condos and rent a HDB flat in the interim as the condo rental market demand slowly returns.

It may provide some support to the HDB rental market and increase rents between 2% and 3%.

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