{"id":74148,"date":"2024-04-12T18:16:33","date_gmt":"2024-04-12T10:16:33","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=74148"},"modified":"2024-04-12T18:16:33","modified_gmt":"2024-04-12T10:16:33","slug":"lower-condo-rents-2024","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/lower-condo-rents-2024\/","title":{"rendered":"Lower condo rentals may be caused by increased vacancies: What you need to know"},"content":{"rendered":"
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The rental market in Singapore has been undergoing a noteworthy transformation, with a marked reduction in the price difference between private condominiums (or condos) and Housing Development Board (HDB) flats. While private condo rentals<\/a> have been on the decline due to increasing vacancies, HDB rents<\/a> have been on a steady rise and have reached new peaks.<\/p>\r\n\r\n\r\n\r\n

This article explores the factors behind the decrease in condo rents, the current market conditions, and the implications of these trends for both renters and landlords in Singapore.<\/p>\r\n\r\n\r\n

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Overview of current rental market trends<\/h3>\r\n\r\n\r\n\r\n

Over the past few months, the rental market in Singapore has shown contrasting developments for private condominiums and HDB flats. According to the Urban Redevelopment Authority’s data, the median monthly rents for condos have declined, dropping from S$4,550 in Q3 2023 to S$4,300 in early 2024.<\/a><\/p>\r\n

Read more about the price decline here: <\/strong>HDB rental prices at new high; Condo rental lowest since Jan 2023<\/a>
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In contrast, HDB rents have remained steady and even reached new heights, with median rents increasing for different types of flats.<\/p>\r\n\r\n\r\n

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Factors leading to decreased condo rentals<\/h2>\r\n
\"condos<\/a>
Image credit: Kaja Sariwating on Unsplash.<\/figcaption><\/figure>\r\n\r\n\r\n\r\n

The decline in rental prices for condominiums can be attributed to a combination of increased supply and decreased demand<\/strong>. With over 29,000 new residential units completed between 2022 and 2023, the housing stock has significantly expanded.<\/p>\r\n\r\n\r\n\r\n

Simultaneously, demand has softened due to various factors, including domestic shifts and reduced expatriate demand<\/strong>. Many Singaporeans have moved into newly completed homes, resulting in fewer individuals seeking rental properties.<\/p>\r\n\r\n\r\n