Singapore expects rental pressures to further ease in the coming quarters as more residential units are completed, the Ministry of National Development said in a written response to a parliamentary question on Monday.
(Bloomberg) — Singapore expects rental pressures to further ease in the coming quarters as more residential units are completed, the Ministry of National Development said in a written response to a parliamentary question on Monday.
Close to 100,000 public and private residential units are expected to be completed from 2023 to 2025, which will add to the rental supply. This will also reduce immediate rental demand as people who are temporarily renting move into their new homes, the ministry said.
In the second quarter, the increase of private and public housing rents moderated to 2.8% and 3% respectively, compared to 7.2% and 4.4% in the previous quarter. “We are watching the rental situation closely and will adjust our policies as necessary,” the ministry said.
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