Rental prices for private properties see sharp spike in Q2 as expatriates return

Prices rose by around 8% to 15% in Q2.

Rental prices in the private market saw a sharp spike in Q2, rising 8.89% QoQ for non-landed properties, and 15.30% QoQ for landed properties.

Last quarter, prices for non-landed and landed properties only grew by 6.40% and 4.04%, respectively.

According to PropertyGuru, the surge in rental prices was likely due to the return of expatriates to Singapore, as well as low residential vacancy rates.

The higher rental price growth will likely continue in Q3, according to PropertyGuru, adding that “tight rental supply and low residential vacancy rates create a ripe formula for enduring rental price growth in the private property markets.”

Rental price growth, however, is expected to moderate by 2023 as more projects reach completion.