HDB rents up 2.4% in August
Overall rents grew by 21.6% year-on-year in August 2022.
When the majority of younger Singaporeans said they prefer renting properties, this was reflected in the HDB rental market, which grew 2.4% from last month.
Data from 99.co and SRX showed that both rents in mature and non-mature estates went up by 2.6% and 2.3% respectively. Rents across all room types also increased.
Overall rents soared by 21.6% compared to August 2021. Year-on-year, non-mature rents went up by 21.7% and mature rents increased by 21.3%.
Volumes also went up by 3.8% month-on-month, with an estimated 1,765 HDB flats rented in August 2022 from 1,700 in July 2022.
On an annual basis, rental volumes went down by 1.3% from August 2021. However, volumes are 3% lower than the five-year average volume for August.