Yearly rental rates in Singapore rose by a substantial 28 per cent in Q4 of 2022, up from 23 per cent in the previous quarter. In comparison, New York only saw a 19 per cent growth in prime rental rates.
SINGAPORE: A March 15 report says that due to strong demand and low supply, Singapore now holds the pole position when it comes to the strongest increase in prime residential rental rates for the final quarter of last year.
However, rental rates in New York are up by a whopping 48 per cent, since dipping to a low in the fourth quarter of 2020, amid the Covid-19 pandemic. The report from Knight Frank shows that Hong Kong took the last place on the survey, with a 6.4 per cent increase.Singapore’s soaring rents – driven in part by a lack of supply of new housing during the pandemic – have been a source of consternation for residents, sapping household budgets at a time when living costs are surging. New visa rules to attract foreign talent are likely to supplement tenant demand further,Aroundthat should provide some relief to accommodation pressures..
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