Two Septembers ago, Connie was renting a three-bedroom walk-up apartment in Chip Bee Gardens for $3,300 per month to be closer to her elderly parents.
Now, she pays a monthly instalment of $1,200 for her three-room flat in Selegie.
To be fair, the 48-year-old realtor got a great deal at Chip Bee Gardens. During the pandemic, a unit of the same size (1,000 sqft) could have easily fetched twice the amount.
"Chip Bee units are incredibly hard to come by. The previous tenant said she had over 60 viewings. So, I consider myself really lucky," she says. Her stroke of good fortune can be attributed to two factors: the property being owned by the Singapore Land Authority, and taking over the previous tenant's remaining lease.
Over the next two years, rental prices in the neighbourhood continued to rise. However, the Singapore Property Market Report Q2 2023 indicates a slowdown in rental demand for HDB flats, suggesting a turning point in the rental market.
"I lease houses for rental and enquiries are thin. When the prospect calls and asks if I can meet in the next hour, I'll rush down because if I miss this guy, he may take the unit below or in the next block."
This can be attributed to the increasing inventory, with 19,000 condominiums scheduled for completion this year. Tenants have plenty of options, but it seems that landlords haven't grasped this reality yet.
"Landlords' expectations are high and, with the high-interest rates currently, they're reluctant to drop asking prices even though there are fewer tenants looking for a unit in the market now," she explains.
Given the disparity in expectations between landlords and tenants, is it wise to rent a place in the second half of 2023?
Entering the rental market
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Transform your laundry routine
Designed for the demands of modern urban living, Samsung’s Bespoke AI Laundry Combo redefines convenience by combining washing and drying in a single, space-saving unit.
Personal moments and timeless design
In a cosy flat filled with curated art and travel mementos, Amirul and Clarice's home tells a story of love, inspiration, and evolving tastes. From mid-century elements to modular classics, the couple shares how they shaped a space that reflects their journeys-and how it's still growing with them.
Old meets bold
Tim and Nicole were so enamoured with their Tiong Bahru rental that they bought it, preserving its midcentury charm while personalising the pre-war unit.
Branching out
With a tree at its centre and a mix of global influences across the ages, this home feels more like a living art gallery than a typical apartment.
Minimalist marvel
Thoughtfully designed by Ray Seah and Kate Sitchon, the space combines sleek aesthetics with practical solutions, offering the perfect balance of style and comfort.
Petite Paris
Channelling Parisian charm with a touch of Peranakan flair, this 4-room HDB flat looks like it belongs on the set of Emily in Paris.
Across the ages
In this one-of-a-kind home, the tastes of three generations— Baby Boomer, millennial, and Gen Z-converge.
Living artfully
Explore how Kave Home's Gala, Aiguablava, and Jondal collections bring together comfort, craftsmanship, and timeless style to transform any space into a haven of modern living.
A new chapter
Caesarstone adds 9 styles to its Porcelain Collection
The natural balance
Inspired by the serene beauty of dewdrops, the Antao Collection by Villeroy & Boch transforms bathrooms into wellness sanctuaries, combining sustainability with timeless elegance.
