Private residential non-landed rents increase by up to 10% in 2023

Year-to-date, rents have risen by 7%.

The momentum built up in the first half of the year will likely push overall rents for private residential non-landed properties to 10% in 2023, according to Savills.

Year-to-date, Savills said rents have already risen by 7%.

Across regions, the Outside Central Region (OCR) and the Rest of Central Region posted the highest rent increase at 8% each. Meanwhile, the Core Central Region (CCR) recorded a 6%
increase

Looking at 1- to 3-bedroom types, rents rose 7% for the CCR and 8% for the RCR and OCR.

In 3Q23 alone, rents have risen 15%.

Amongst regions, the RCR rose the most by 17%, followed by the OCR at 15% and the CCR at 12%.

By district, District 1 (Boat Quay/Marina/Raffles Place) ranked highest with the 3Q23 average rent for a 3 bedroom at $9,500 per month, followed by District 4 (Harbourfront/Telok Blangah) with $8,825 and District 9 (Orchard/River Valley) at $8,000.

"Matching these rental changes with what has been observed on the ground, tenants now have a greater choice of apartments to choose from," Savills said.

"With close to 18,000 units completed in 2023, the tight market conditions in 2022 will find relief. Today, there is considerably less pressure on tenants to attempt to close a rental deal because of the ample availability of choices," Savills added.

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