Sound reasons to support lofty rents for Singapore homes

OVER the past year or so, I have heard numerous tales of home-rental woes. Many tenants of both private and Housing and Development Board (HDB) homes faced steep rental hikes on lease renewals. Some people have had to move to more distant locations or smaller units.

Rental rates of private homes increased by 29.7 per cent in 2022, data from the Urban Redevelopment Authority (URA) showed. Between Q4 2022 and Q2 2023, rental rates of private homes rose by a further 10.2 per cent.  

Based on HDB’s data, the median monthly rental rate of a four-room HDB flat in Ang Mo Kio, Tampines and Toa Payoh rose by 43 per cent to S$3,300, 45 per cent to S$3,200 and 40 per cent to S$3,500 respectively between Q4 2021 and Q2 2023.