The once-hot rental market, characterised by high demand and good returns, has been softening as newly completed units flood the market, real estate agents told The Straits Times.
Deals used to close within a day, but no longer, observed Alex Low of PropNex Realty.
The surge in demand for rental units in the past three years was partly driven by pandemic-induced delays in the construction sector. The influx of foreign talent, international students and an increasing number of Singaporeans seeking their own living spaces also heightened this trend.
But rentals in the last three months of 2023 fell for the first time in three years, Urban Redevelopment Authority data showed.
PropNex real estate agent Jasmine Lau (no relation to Shawn Lau) said: “Since the second half of 2023, we have noticed many expats returning home and Singaporeans transitioning to their Build-To-Order flats. These factors have contributed to the high supply
of condos available for rent.”
Luqman Hakim, chief data and analytics officer at property search portal 99.co, has noticed a higher supply of condo rental units and lower rental prices since the middle of 2023. Source: The Strait Times And The Business Times
