SINGAPORE: Home rental pressures may ease in the coming months because of a"significant" supply of new housing units, said the Monetary Authority of Singapore on Wednesday .
At the same time, rental demand will also be tempered by people vacating their rental units once their new homes are completed. MAS said rents for Housing Development Board and private residential housing units have risen sharply by 38 per cent and 43 per cent, respectively, since 2021.This broad-based increase in home rents was largely due to an “exceptional demand-supply imbalance” brought about by the COVID-19 pandemic.
The supply crunch coincided with strong rental demand as residents sought temporary accommodation while awaiting the completion of their units. Non-resident demand also picked up with the easing of border restrictions in 2022.