Singapore HDB rents hit record highs in Q2

Rent increased 7.2% during the quarter.

Data from Singapore’s HDB public housing reveal that the approved applications to rent out HDB flats reached 9,309 units in Q2, an 8.6% drop from the previous quarter’s 10,189 units. On a year-on-year basis, volume declined 15.2% from 10,979 units in the second quarter of 2021.

An OrangeTee report said rents hit a new record in Q2 as it rose 7.2% q-o-q and 18% y-o-y to 149.7 as per the SRX Rental Index.

“Rents are likely to climb on the back of rising inflation and declining stock. We estimate that overall rents may rise by 16 to 18% in 2022, while volumes may reach between 40,000 and 42,000 units,” the report added.