Sgstudies conducted an independent analysis of the Singapore housing rental market for the first half of 2023
Oct 12, 2023
Summary
Sgstudies, an analyst agency, has conducted an independent analysis of the Singapore housing rental market for the first half of 2023. According to their findings, the average rent for a one-bedroom apartment in the city center was S$4,130, while outside the center, it was S$2,950. For two-bedroom apartments, the average cost in the city center was S$8,580, compared to S$5,420 for those outside the center.
In 2023, the residential real estate market in Singapore was valued at S$59.44 million, with a projected growth to S$81.72 million by 2028, according to a report by Mordor Intelligence. The government implemented support measures in April 2023 to address the strong demand for private homes and rising real estate prices. Experts from PropertyGuru suggest that prices of new apartments are likely to remain stable.
The high rental costs in Singapore put significant financial pressure on residents, with apartment rental costs accounting for more than 40% of the total monthly budget and sometimes reaching as high as 50%. The report was compiled based on data from over 1,000 rental listings in various neighborhoods, provided by three real estate agencies, and took into account the opinions of surveyed residents and listings on popular rental websites.
Sgstudies conducted an independent analysis of the Singapore housing rental market for the first half of 2023
Singapore - October 12, 2023 —
Analyst agency Sgstudies has conducted an independent analysis of the residential rental market from January to June 2023.
The average rent for a one-bedroom apartment in the city center was S$4,130, while renting a one-bedroom apartment outside the center was significantly more affordable at S$2,950.
In the first half of 2023, the average cost of renting a two-bedroom apartment in the city center was S$8,580, whereas a two-bedroom apartment with all amenities outside the center cost S$5,420.
According to a report by Mordor Intelligence, the residential real estate market in 2023 was valued at S$59.44 million. They also forecast it to grow to S$81.72 million in 2028.
Due to strong demand for private homes and rising real estate prices, the government introduced another round of support measures in April 2023. However, prices of new apartments are likely to remain stable, as PropertyGuru experts have stated.
The situation of long-term rental housing, as in the previous year, puts a lot of pressure on the wallets of residents. Based on the same data and taking into account average salaries in Singapore, apartment rental costs account for more than 40% of the total monthly budget. In some cases, this percentage rises to 50 percent.
In compiling this report, more than 1,000 rental listings in different neighborhoods of Singapore were studied. The data was provided by three real estate agencies in Singapore, and the opinions of surveyed residents and listings on popular rental websites were also taken into account.
Contact Info:
Name: Sgstudies
Email: Send Email
Organization: Sgstudies
Address: 83 Clemenceau Ave, Singapore, 239920
Website: https://sgstudies.com/
Release ID: 89109912
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