Wave of newly-completed condominiums drives down rents
They are expected to drop further with a surge in supply of homes this year
A wave of newly completed condominiums is bumping up the supply of rental homes in the market, forcing landlords to lower their asking rents to beat the stiff competition.
More cuts might be on the way as the number of private homes to be completed this year is projected to jump 62 per cent from last year, property consultants say.
At NV Residences in Pasir Ris, which obtained its temporary occupation permit (TOP) in January, landlords of three-bedroom units have lowered asking rents from $4,000 a month to less than $3,500 a month, said Mr Chris Koh, director of property consultancy Chris International.
Homemaker Angelin Loh, 46, who bought her 1,184 sq ft three-bedder there for $1.07 million in January last year, said she was unable to lease her unit for three months after collecting the keys in February.