Forum: Some tenants driving prices up in rental market

The property market has seen its fair share of cooling measures implemented to ensure that prices do not skyrocket or fluctuate wildly due to speculation.

But the demand for properties and rental units is ever-growing, despite the global pandemic and tightening monetary policy.

With rental prices high due to demand being much greater than supply, some tenants are complaining that landlords are charging too much. But the reality is that under the current market conditions, there are tenants who are willing to pay more than what the landlord is asking for and put down a sizeable deposit to “chope” (reserve) a unit, even without viewing it first.

To help those who are struggling to find affordable accommodation, perhaps the Government could consider rules that would stop landlords from charging rental rates that exceed a certain percentage of the property’s market value.

Ong Hong Kai

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