Singapore property rentals are on the rise

It is recently reported by the Singapore Real Estate (SRX) that the rental volume for both condos and the Housing & Development Board (HDB) rose substantially in July especially for the private market.

Ground observations reveal that international students and expat teaching staff are arriving in Singapore, thus boosting the demand in the rental market. An increase in rental volume may be caused by a temporary uptick in rental demand. This usually occurs during peak rental season from May to September. Many tenants are presumed to acquire accommodation especially before the start of the international school semester in August.

Many companies have paused hiring and are generally proceeding with caution amid geopolitical and economic uncertainties. Nevertheless, it is premature to say that the private rental market has bottomed out. At the moment, it is still a tenant’s market, and many people remain budget-conscious.

Mark Yip, CEO, Huttons Asia comments, “The employment market is still not as strong as 2023. There remains pockets of softness and the condo market may still fluctuate between growth and contraction in the coming months. The HDB market offers the most economical option for tenants and should continue to see steady growth of up to 5% for 2024.”