Rental listings are getting fewer enquiries from potential tenants, who now have more options, property agents and analysts say.
SINGAPORE: The surge in home rents appears to be slowing amid a"growing disparity" in expectations, with tenants resisting increases and landlords reluctant to lower prices in the face of rising costs.
Ms Sun said she has observed a “growing disparity between tenant and landlord expectations” amid eye-watering rent prices that made the headlines last year. But Ms Sun pointed out that landlords are facing increasing costs stemming from higher maintenance fees, property taxes and mortgage payments. One landlord of a condominium unit in Tanah Merah said he had no choice but to raise his rental rate. The increase, from S$3,200 to S$4,300 a month, was just enough to cover his higher mortgage payments, Mr Wilfred Wong said.
Some have moved to cheaper locations such as suburban areas or selected more affordable housing options like HDB flats instead of accepting higher rents.Rents in the Outside Central Region saw the highest increase of 4 per cent month-on-month in February, according to the SRX and 99.co figures. Rents in the Core Central Region rose by 3.6 per cent and by 3 per cent in the Rest of Central Region.
They had been leasing out their former home to finance the rental of the bigger unit, but have since sold the unit.
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