Signed leases and cooling measures boost HDB rental volume December 2022

Condo and HDB rental market increased in December 2022.

Property experts said rental volume grew in December last year following recent property cooling measures and signed leases.

Data from 99.co and SRX showed that condo rental volumes were up by 26.6% month-on-month to 6,345 units rented whilst HDB rental volume grew 5% MoM to 2,513 HDB flats rented.

OrangeTee said the HDB rental volume increase was possibly due to leases signed before 2023. Fewer HDB flats available for rental and growing demand may drive rental growth.

The expert projects that rental growth for HDB rentals in 2023 will be from 15% to 18%.

Huttons Asia said higher volume due to private property owners hit by cooling measures and renting temporarily. For Huttons Asia, it expects lower rental growth for the segment to 10% to 15% in 2023.

One Global Group said private property owners who have been hit by the cooling measures and HDB owners who completed their Minimum Occupation Period (MOP) may decide to rent their units instead of sell, driving up rental volume.