Singapore's condo rental volume jumped 35% in July 2024, but rents remain 5% lower than a year ago as uncertainties loom over foreign worker permits.
KEY POINTS
IN SIMPLE TERMS
More people rented condos and HDB flats in Singapore in July 2024, and prices went up slightly. However, if you compare July 2024 to July 2023, rents are actually cheaper now. Future changes to work permits for foreign workers could shake up the rental market.
WHY IT MATTERS
WHERE DO YOU STAND?
Should renters move quickly to lock in current rents before foreign worker policy changes trigger a market downturn?
👍 👎 Vote ↓Singapore’s rental market saw big changes in July 2024, with more flats and condo rentals and higher prices.
In a recent article by 99.co, big changes in Singapore’s rental market were reported for July 2024.
The number of condo rentals in July 2024 is estimated to be 8,133.
This was up from 6,020 units rented in June 2024.
The increase was a huge 35.1% jump from the month before.
HDB flats also saw more rentals, with an estimated 2,993 flats rented in July 2024.
This was a 13.8% increase from June 2024.
Condo rental prices went up by 0.9% in July 2024 compared to June.
HDB rents increased even more, going up by 1.4% in the same period.
Different areas in Singapore saw different price changes.
| Area | Price Change |
|---|---|
| Core Central Region (CCR) | 0.1% increase |
| Rest of Central Region (RCR) | 1.4% increase |
| Outside Central Region (OCR) | 1.1% increase |
HDB flats in both Mature and Non-Mature Estates saw rent increases.
Mature Estates had a 1.5% rise in rents.
Non-Mature Estates saw a 1.2% increase.
Different types of HDB flats had varying rent changes:
Despite the recent increases, rental prices are still lower than last year.
Compared to July 2023, overall rental prices have gone down by 5%.
The Core Central Region saw the biggest drop of 6.3%.
Both the Rest of Central Region and Outside Central Region had 4.4% decreases.
According to 99.co, “Despite the recent uptick in activity, uncertainties remain particularly with upcoming Employment Pass EP renewals which could impact rental supply and prices in the coming months.”
This means that changes in work permits for foreigners could affect the rental market.
More foreigners leaving Singapore could lead to fewer people renting homes.
This might cause rental prices to go down in the future.
If you’re looking to rent, keep an eye on prices in different areas.
Prices might change based on where foreign workers choose to live.
For landlords, be prepared for possible changes in demand.
You might need to adjust your rental prices in the coming months.
Singapore’s rental market is changing, with more HDB and condo rentals happening but prices still lower than last year.
Should renters move quickly to lock in current rents before foreign worker policy changes trigger a market downturn?
Be the first to weigh in.
