Reality check for landlords as rents may have peaked; viewings decline

FINALLY, there is some light at the end of the tunnel for tenants, who have been paying ever higher rents for the past two years. While the rental market remains healthy, agents on the ground are reporting fewer viewings, and listings are taking a longer time to secure tenants. However, many landlords are having trouble accepting that the market is moderating.

“This year, you need multiple rounds of viewings to close a unit and that’s mainly because the prices asked are very high, which leaves units on the market for a couple of weeks,” Cyril Tuzemen, director of boutique real estate agency Vesper Homes, told The Business Times.

He said that it is harder to convince long-term tenants to absorb such prices compared to new arrivals. “Slowly, the market is understanding that we may have reached the peak.”