Private homes rental index in 2022 is the highest since 2007

The URA rental index for all private homes grew 29.7%.

Rental index for all private residential properties in Singapore went up 29.7% in 2022 YoY, the highest since 2007, Savills said.

The property expert said the rental increase was driven by a limited number of completions at the start of the year and more foreign entry. The increasing number of viewings and the ease of letting have also influenced landlords to raise their asking rents.

Savills also said the luxury properties posted a surge in monthly rents, increasing 5.8% quarter-on-quarter to $5.83 per square foot (psf) in the fourth quarter of 2022. This is the highest since the second quarter of 2008 when the average rent was at $6.01 psf. 

For the full-year, monthly rents of luxury non-landed projects increased 35.9% YoY, the largest yearly growth since 2005.