Will headcount increase be enough to reverse the rental market slowdown?

In Q2 2024, condo rents were unchanged, while HDB rents rose marginally.

Employers may play a crucial role in reversing the slowdown in the rental market.

In Q2 2024, there was no month-on-month change in condo rents, whilst HDB rents only rose by a marginal 0.5%.

OrangeTee pointed out that the rental market slowdown is driven by reduced domestic and foreign demand, with expats leaving Singapore due to layoffs or inflation and locals moving into their newly purchased homes.

"Some expats may also consider the rents to be less competitive than those in some other first-tier cities," OrangeTee said.

Huttons, however, noted that despite caution, employers plan to increase headcount in the second half, providing rental market support.

Whilst a headcount increase may offer support, Huttons expect condo rents to bottom in H2 2024 and the HDB rental market to grow at a modest 3%-5% in 2024 amidst tenants' resistance.

"With firmer demand from tenants absorbing some of the vacant units, this led to a stabilisation in rents in Jun 2024. The condo rental market may be close to bottoming out," Huttons added.

Moderation of rents, however, may push more ex-pats to return to Singapore, according to OrangeTee.

Follow the link s for more news on

Huttons Asia

OrangeTee

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia