Condo strong demand for bigger flats in landlord’s market

by Albert02

Condo strong demand for bigger flats in landlord’s market

Condo strong demand for bigger flats in landlord’s market. Rentals for Housing Board flats and private apartments rose in October as demand increased after the previous round of cooling measures, with more tenants opting for HDB flats for lower rents. According to data released on Wednesday by property websites and SRX, HDB rents rose at a slower 1.8% rate in October, compared to 3.3% in September, with executive unit rents rising at the fastest rate, at 6.1%. In October, the number of HDB apartments rented increased by 10.3% to an expected 1,995 units, up from 1,809 in September.

Condominium rentals increased by 2.7% in October, compared to 3.3% in September, with rents increasing in all three zones of Singapore: downtown, city outskirts, and suburbs. However, rental volume fell 8.7 percent in October to 4,355 units, down from 4,771 in September. The 22nd consecutive month of growth for condo rents and the 28th for HDB rents – the longest streak for both sectors – occurred in October. According to property experts, the increase in HDB rental volume indicates that more renters are choosing HDB flats with lower rental rates over condo apartments, while strong rental demand continues to drive up prices in both sectors.

According to Huttons Asia chief executive Mark Yip, those affected by the cooling measures are likely to have resorted to renting an interim house, which has boosted the HDB rental market. As of September 30, private property owners must now wait 15 months after selling their current private property before purchasing a HDB resale apartment without receiving housing assistance. Previously, they could buy a resale flat on the open market if they sold their private property within six months of purchasing the flat. “Because they want to move to a HDB flat, they went to the HDB rental market in October, which drove up demand and rents,” Mr Yip explained.

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