Rents in other financial hubs have also plunged during the pandemic. New York’s rental values have dropped 14% in the past year while London saw an 8.1% decline, according to data compiled by Bloomberg. Singapore is an outlier, with rents 2.4% higher.
The economic uncertainties and mobility difficulties that emerged during the 2019 pro-democracy protests drove the decline, said James Fisher, chief operating officer at Spacious. The pandemic and the deep recession added to the weak demand. While the economy roared back in the first quarter at the fastest pace in a decade, the jobless rate was still 6.8% in March, close to a 17-year high set in the previous quarter. Many residents who lose their jobs move back in with family to save costs.
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