The overall median monthly rentals inched up in the second quarter, helped by the demand from those feeling from high private property rents. Foreigners and locals who have sold their homes in a hot market are among those boosting HDB rents.
Overall, as of July 2010, the median rentals for 2 and 3 room flats were flat at $1,200 and $1,500 respectively. Larger flats, such as the 4 and 5 room flats increased from between $50 and $199 a month from the previous quarter.
Median Rentals (Peak in 2H08 is reached and expected to rise and new benchmarks set later in 2010)
2 room: $1,200
3 room: $1,500
4 room : $1,800 (previously at $1,750)
5 room: $2,000 (previously at $1,900)
Executive: $2,100 (previously at $2,000)
Reasons:
- Private rentals rose steadily, and some tenants are likely to look for cheaper alternatives in better locations
- High influx of foreigners in 2010 into sectors such as information technology, as companies start hiring again.
- Singaporeans who sold their property to cash in on high property prices have also decided to rent temporarily instead of buying immediately.
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