The expansions of the Marina Bay Sands and Resorts World Sentosa integrated resorts seem to have given the property rental market a booster shot.
Marina Bay Sand, Singapore. Picture: Pixabay
Hope for future rental demand lies in job growth
Rental demand from expatriates has increased recently, especially from individuals working in the service and hospitality industries. Analysts are banking on the further growth of these industries to boost the rental markets here.
In March, rents for non-landed private homes and HDB flats rose 0.3% and 0.2% respectively.
Rental prices for private apartments remained steady while that for HDB flats fell 0.1%. The Urban Redevelopment Authority’s (URA) flash estimate showed 5,184 non-landed private residential units were tenanted last month, a marked increase after the Chinese New Year lull in February.
See more: HDB resale market expected to remain resilient
March is one of the busiest leasing months in a year
Unit in Sims Urban Oasis, Condo. Picture: iProperty
The month on which Chinese New Year falls tends to have a quieter showing for both the sales and rental market, thus the increase in March could be simply the market bouncing back.
Rental volume rose significantly in both the condominium and HDB flat segments. The number of rental transactions rose 41.4% and 58.3% respectively.
While March is traditionally the busiest month for leasing activity, rents were still 17.7% lower than the peak in January 2013 and rental volume for non-landed private properties was still 1.3% lower than the same month last year.
Rental prices did, however, rise 1.5% for non-landed private properties last month. Analysts are expecting the recent pick-up in leasing activities to last till August or September this year.
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