Singapore Homes: Renting Is Turning into a Lottery Ticket
In a city that already feels like a pricey theme park, home rents have shot up to a seven‑year high—even as the population shrank over the last two years. It’s the kind of story that makes you wish the numbers were printed in a fortune cookie instead of the government data.
Snapshot of the Market
- Private residential Rental Price Index: 114.2 (Q4 2021)
- YoY jump of 9.9 % versus last year’s Q4
- Vacancy rate dipped from 7 % to 6 % (Q4 2021)
- Experts predict another 8–12 % rise this year
Why Are Rents So High?
It’s a “demand outpaces supply” circus that’s been amplified by a few factors:
- Construction delays—Covid‑19 curbs knocked the supply chain into a permanent “traffic jam.”
- Local landlords selling units to cash in on soaring property prices, slashing the rental stock.
- New arrivals from overseas, including many folks from Hong Kong, seeing Singapore as the next great business hub.
- More young professionals moving out of family homes to create a “work‑from‑home” space.
Real‑Life Tales of Rent Gasp
Take Aimee Yager; she spent weeks hunting for a spot big enough for her family with a budget that now feels like a monthly lottery ticket—around $10,000.
Then there’s Sebelle Ho, who just signed a $2,800 lease on a two‑bedroom HDB unit while she waits on her future resale. She admits her search came with heart‑bleeding moments when a landlord back‑pedaled.
Briton Arabella Lambe faced a 50 % hike on her current $8,000 lease. She moved to a smaller house in a more central spot—while her monthly electric bill shrank, she’s still dodging the high‑price tag.
Inflation Pressure & The Bigger Picture
Besides rent, Singapore is on a cost‑of‑living roller coaster: multi‑year inflation peaks, rising fuel, and electricity. The Economist Intelligence Unit ranks Singapore as the world’s second most expensive city (Paris follows).
Companies pulling out or adding higher salaries for expatriates is just one side of the coin. A swirl of industry movers from Hong Kong and untapped talent from other regions ensures the rental market remains “hot” for the next couple of years.
So, if you’re thinking of living in Singapore—hit the road, keep your wallet at the ready, and maybe add a raincoat to your bank account.
