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 September 2023 edition of SquareRooms.
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This story is from the September 2023 edition of SquareRooms.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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