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Property News: Private Residential Property Faces a 1.4% Increase in Average Monthly Rent

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Renting a private residential property in Singapore? According to a study by Employment Conditions Abroad (ECA) International, the average monthly rent for Singapore expatriates in 2020 swells up to 1.4% which is $6,069/month (US$4,233) from 2019. This is the first increase in the last five years for 3-bedroom high-end apartments.

The reason behind this is mainly due to the influx of overseas relocation particularly by expats from Hong Kong. There’s a possibility that the recent tightening of work permits for overseas workers may curb the demand.

Singapore remains the ninth most expensive location in Asia for overall rental costs, while Hong Kong remains at number one for a third consecutive year with an average monthly rental cost of $16,220 (US$11,318). This is because of its high population density and limited land.

Ohmyhome’s Director of Real Estate and Destination Services Darren Teo said, “At first glance, one would probably be taken by surprise by the notable increase of 1.4% in expat rent. However, if we are talking about properties such as high end three-bedroom apartments which are in demand, that would make sense as the rental market remained quite positive up to the end March 2020.”

He also added, “It would be interesting to see how Singapore holds up considering the COVID-19 crisis in the next two quarters when expat rentals typically pick up in previous years. From the way Singapore is handling the whole situation, it is likely that the rent will stay healthy for this segment.”

Source: Singapore Business Review


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