Singapore's home leasing market feared to decline as foreign demand wanes

Rents predicted to fall.

According to Savills, the residential leasing market may see a decline in demand from a shrinking pool of overseas nationals as more employment restrictions are implemented.

Similarly, rents in some locations may continue to see a correction, particularly in the mass-market segment, due to strong competition from new supply, as well as smaller rental budgets amid the rising cost of living in Singapore. However, the recent regulations from the Housing and Development Board on sub-letting entire flats to non-citizen individuals could help to mitigate the decline in city fringe and suburban areas.

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