/Kendall Hopes for Pexels
HDB rents to rise by 16%-18% by yearend
Rents went up 18% year-on-year.
Overall HDB rents are expected to increase by 16% to 18% in 2022 on the back of rising inflation and declining supply, real estate analyst, OrangeTee, revealed.
In its HDB Pulse Market Pulse Q2 2022, OrangeTee cited figures from public housing for the first quarter (Q1) of 2022, which showed that approved applications to rent for HDB flats were down by 8.6% from 10,189 units in Q1 2022 to 9,309 units in the second quarter (Q2) of 2022.
On a yearly basis, volume declined by 15.2% from 10,979 units in Q2 2021.
According to the SRX Rental Index, rents went up 7.2% quarter-on-quarter and 18% year-on-year to reach 149.7.
This increase will likely continue amidst inflationary pressures, which analysts expected to reach 5.5% to 6%.
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