With the news of rental prices steadily rising, it will definitely put doubt in prospective tenants’ minds. If you are unsure of whether to rent now or not, read more to find out.Rental rates in Singapore are steadily increasing and it is getting expensive to rent a house in Singapore. This is true for both HDB and condo as rent prices have been rising for more than 18 months., condo prices increased by 21.1 per cent and HDB rent grew by 17.9 per cent.
Beyond prospective buyers, landlords are also facing pressure as those who still have mortgage repayments are feeling the stress of high-interest rates and will be trying to get more rental income to cover the interest expense.With the pandemic easing and expats returning to Singapore, the demand for rental properties will definitely increase. This is worsened by the large influx of Hong Kongers as they seek to escape the draconian Covid-19 rules set out by their government.
These younger individuals will be looking at smaller and affordable HDB flats to rent, so as to meet their budget constraints. If your goal is to save money, the simplest thing you can do is to just stay with your parents. However, what if your goals are different or what if you do not wish to stay with your parents?If you are getting married or building your own family, the better option may be to just bite the bullet and buy a house. There will be more stability in this option and ways you can make it work.
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