{"id":61475,"date":"2022-11-02T13:24:31","date_gmt":"2022-11-02T05:24:31","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=61475"},"modified":"2022-11-07T19:33:58","modified_gmt":"2022-11-07T11:33:58","slug":"punggol-tops-list-hdb-median-rent-annual-increase","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/punggol-tops-list-hdb-median-rent-annual-increase\/","title":{"rendered":"Rent analysis: Punggol tops list, with 40-41% rise in median rent across HDB flat types since Q3 last year"},"content":{"rendered":"
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Singapore’s rental market is on a tear<\/a>, particularly in the 3rd quarter of 2022, which is no understatement.<\/p>\n

The signs have been there since 2020 when COVID, circuit-breaker, home-based schooling and work-from-home policies forced many to explore temporary housing options like renting.<\/p>\n

Yet, in 2022, as office workers return to the workplace and kids back to school, rental prices continue to rise unabated.<\/p>\n

Between Q3 2021 and Q3 2022, average rent prices in Singapore (all properties) rose 36.18%, a double-digit surge compared to the Q3-to-Q3 comparisons for 2018-2019 (-0.23%), 2019-2020 (1.78%) and 2020-2021 (-3.61%).<\/p>\n

This should ring some alarm bells for the authorities.<\/p>\n

\"Average<\/p>\n

If we drill down to just the first nine months of 2022, we can see that the average psf price for rents in Singapore has risen 21.92%.<\/p>\n

\"Rental<\/a>In other words, a 1,000-square-foot condo apartment would see its average rent price rise from S$3.76 psf (S$3,760 per month) in January to S$4.58 psf (S$4,580) in September – a whopping S$820 rise in just nine months.<\/p>\n

That’s a lot of money spent just to stay under one roof – considering households also face inflation, higher interest rates and an impending 8% GST in 2023 and 9% in 2024.<\/p>\n

This also explains why existing tenants are renewing their leases for 2-year terms to lock in their rental prices before their landlords have a change of heart (or minds) to increase rent prices even more.<\/p>\n

HDB Median Rent<\/h2>\n

Last week, HDB released median rents by town and flat type<\/a> for Q3 2022.<\/p>\n

\"Median<\/a><\/p>\n

The Q3 2022 numbers only tell part of the story. Let’s look at median rents for 4-room HDB flats across previous quarters to better understand how severe rental prices have surged for HDB flats.<\/p>\n\n\n\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Median Rents for 4-room HDB Flats<\/strong><\/td>\n<\/tr>\n
<\/td>\nQ3 2021<\/strong><\/td>\nQ4 2021<\/strong><\/td>\nQ1 2022<\/strong><\/td>\nQ2 2022<\/strong><\/td>\nQ3 2022<\/strong><\/td>\nQ3 to Q3<\/strong><\/td>\n<\/tr>\n
Central<\/strong><\/td>\n2800<\/td>\n2800<\/td>\n3000<\/td>\n3050<\/td>\n3500<\/td>\n25.00%<\/td>\n<\/tr>\n
Queenstown<\/strong><\/td>\n2750<\/td>\n2730<\/td>\n2900<\/td>\n2900<\/td>\n3450<\/td>\n25.45%<\/td>\n<\/tr>\n
Clementi<\/strong><\/td>\n2500<\/td>\n2550<\/td>\n2600<\/td>\n2700<\/td>\n3100<\/td>\n24.00%<\/td>\n<\/tr>\n
Bukit Merah<\/strong><\/td>\n2600<\/td>\n2670<\/td>\n2800<\/td>\n2900<\/td>\n3000<\/td>\n15.38%<\/td>\n<\/tr>\n
Kallang\/ Whampoa<\/strong><\/td>\n2500<\/td>\n2550<\/td>\n2600<\/td>\n2700<\/td>\n2900<\/td>\n16.00%<\/td>\n<\/tr>\n
Jurong East<\/strong><\/td>\n2200<\/td>\n2200<\/td>\n2300<\/td>\n2350<\/td>\n2800<\/td>\n27.27%<\/td>\n<\/tr>\n
Toa Payoh<\/strong><\/td>\n2300<\/td>\n2500<\/td>\n2450<\/td>\n2600<\/td>\n2800<\/td>\n21.74%<\/td>\n<\/tr>\n
Punggol<\/strong><\/td>\n2000<\/td>\n2100<\/td>\n2300<\/td>\n2500<\/td>\n2800<\/td>\n40.00%<\/strong><\/td>\n<\/tr>\n
Serangoon<\/strong><\/td>\n2300<\/td>\n2300<\/td>\n2300<\/td>\n2500<\/td>\n2750<\/td>\n19.57%<\/td>\n<\/tr>\n
Bishan<\/strong><\/td>\n2400<\/td>\n2400<\/td>\n2500<\/td>\n2600<\/td>\n2730<\/td>\n13.75%<\/td>\n<\/tr>\n
Sengkang<\/strong><\/td>\n2100<\/td>\n2100<\/td>\n2200<\/td>\n2300<\/td>\n2700<\/td>\n28.57%<\/td>\n<\/tr>\n
Marine Parade<\/strong><\/td>\n2200<\/td>\n2480<\/td>\n2300<\/td>\n2430<\/td>\n2650<\/td>\n20.45%<\/td>\n<\/tr>\n
Ang Mo Kio<\/strong><\/td>\n2200<\/td>\n2300<\/td>\n2350<\/td>\n2400<\/td>\n2600<\/td>\n18.18%<\/td>\n<\/tr>\n
Choa Chu Kang<\/strong><\/td>\n2000<\/td>\n2000<\/td>\n2050<\/td>\n2200<\/td>\n2600<\/td>\n30.00%<\/td>\n<\/tr>\n
Geylang<\/strong><\/td>\n2400<\/td>\n2400<\/td>\n2500<\/td>\n2400<\/td>\n2600<\/td>\n8.33%<\/td>\n<\/tr>\n
Hougang<\/strong><\/td>\n2030<\/td>\n2150<\/td>\n2200<\/td>\n2200<\/td>\n2600<\/td>\n28.08%<\/td>\n<\/tr>\n
Jurong West<\/strong><\/td>\n2150<\/td>\n2200<\/td>\n2200<\/td>\n2400<\/td>\n2600<\/td>\n20.93%<\/td>\n<\/tr>\n
Bukit Panjang<\/strong><\/td>\n2000<\/td>\n2000<\/td>\n2100<\/td>\n2300<\/td>\n2550<\/td>\n27.50%<\/td>\n<\/tr>\n
Bedok<\/strong><\/td>\n2200<\/td>\n2250<\/td>\n2200<\/td>\n2400<\/td>\n2500<\/td>\n13.64%<\/td>\n<\/tr>\n
Bukit Batok<\/strong><\/td>\n2100<\/td>\n2100<\/td>\n2100<\/td>\n2400<\/td>\n2500<\/td>\n19.05%<\/td>\n<\/tr>\n
Pasir Ris<\/strong><\/td>\n2050<\/td>\n2100<\/td>\n2200<\/td>\n2300<\/td>\n2500<\/td>\n21.95%<\/td>\n<\/tr>\n
Tampines<\/strong><\/td>\n2200<\/td>\n2200<\/td>\n2300<\/td>\n2350<\/td>\n2500<\/td>\n13.64%<\/td>\n<\/tr>\n
Woodlands<\/strong><\/td>\n1900<\/td>\n2000<\/td>\n2100<\/td>\n2300<\/td>\n2500<\/td>\n31.58%<\/td>\n<\/tr>\n
Yishun<\/strong><\/td>\n2000<\/td>\n2000<\/td>\n2100<\/td>\n2250<\/td>\n2500<\/td>\n25.00%<\/td>\n<\/tr>\n
Sembawang<\/strong><\/td>\n1900<\/td>\n2000<\/td>\n2100<\/td>\n2200<\/td>\n2450<\/td>\n28.95%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

So here are some findings:<\/p>\n