HDB, condo rents continue to climb in July, with more units leased

Condo and HDB rents increased in July, with more units being leased out. Read more at straitstimes.com.

SINGAPORE - Rents for Housing Board flats rose for the 37th straight month in July, climbing by 2 per cent,On the whole, public housing rents went up by 24.1 per cent between July 2022 and July 2023, based on flash data from real estate portals 99.co and Singapore Real Estate Exchange released on Wednesday.

These figures are in step with analysts’ expectations that the rental market would gather speed in the third quarter. The highest rental volumes are typically recorded between July and September. Mr Luqman from 99.co is of the view that HDB rents had gone up as landlords capitalised on the rental-rate gap between public housing flats and condominium units.

Since end-April, citizens buying their second residential property have had to contend with additional stamp duties of 20 per cent, up from 17 per cent. Condominium rents in the suburbs rose by 1.6 per cent, while rates on the city fringes climbed by 1.1 per cent and those in the prime area edged up by 0.7 per cent.

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