SG rent is 2nd most expensive in the world: study

A 3-bedroom property in the Lion City costs US$3,131 monthly on average.  

Singapore has the second most expensive rent with an average of US$3,131 monthly cost for a three-bedroom property, a study found.

It came second to Hong Kong, which has an average of US$3,836.17 monthly rent for the same type of property. Singapore is followed by Switzerland with US$2,640.

In its Cost of Rent Index, Money.co.uk found that 47.08% of total monthly outgoings of Singaporeans cover rental costs.

The report noted both Hong Kong and Singapore have densely populated territories that drive up demand and prices.

“A densely populated nation with seven and a half million people squeezed into just 1,110 square kilometres, demand for housing is high in Hong Kong, which probably goes some way to explaining these sky-high prices,” the report read.

“Singapore is another very densely populated country with land for new buildings at a premium. Many locals live in government HDB flats which offer a slightly more affordable route into the rental market.”

Also amongst the top 10 most expensive countries are Qatar (US$2,370), Iceland (US$2,097), Ireland (US$2,092), the US (US$1,948), UAE (US$1,940), Australia (US$1,755), and the Netherlands (US$1,736).

Meanwhile, the country with the lowest rent for a three-bed property are Turkey with average rent of only $345, Argentina with $418, and Azerbaijan with $350.

Read the full report here.