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Demand causes rents for some 5-room HDB flats to soar to over $6,000
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Total HDB rental transactions rose for two consecutive quarters in the first quarter of 2023.
PHOTO: ST FILE
Christine Sun
Singapore has unseated New York as the city with the strongest rental growth globally, after the costs of renting homes here hit a record high in March. The hike even spilt to the Housing Board market, with some five-room flats in Ang Mo Kio and Cantonment Road scoring record monthly rents of over $6,000 a month.
Private rents rose by 9.3 per cent from 2019 to 2021, and escalated further by 29.7 per cent year on year in 2022 – the fastest annual growth since 2007. In the same year, HDB rents rose at their quickest pace in 15 years – by 28.6 per cent.
