Here’s why residential leasing volumes increased in Q2

A total of 23,893 rent transactions were recorded.

Singapore’s private residential units saw a 1.1% increase in rent transactions in the second quarter of 2021.

23,893 units were rented, bringing the total transactions to 47,515 in the first half of 2021—a 13.9% higher lease volume during the same period, year-on-year.

Savills enumerated various reasons for this increase:

1. Existing tenants extended their leases whilst waiting for the completion of their new homes. The constructions and renovations have been delayed by the lockdowns.
2. The outflow of overseas nationals has been slower than new arrivals.
3. Singaporeans who were forced to return home due to the pandemic had to rent because they either did not have a permanent residence in the country or their existing one has an ongoing lease still running.
4. Millennials decided to move out of their parent's homes to have a work-from-home-friendly environment.

According to Savills, this quarter’s growth reversed the two-quarter decline in the leasing volume of private residential.