Sgstudies conducted an independent analysis of the Singapore housing rental market for the first half of 2023

Oct 12, 2023

Key Takeaways

The average rent for a one-bedroom apartment in Singapore's city center was S$4,130, while outside the center it was S$2,950.
The average cost of renting a two-bedroom apartment in the city center was S$8,580, while outside the center it was S$5,420.
The residential real estate market in Singapore was valued at S$59.44 million in 2023, with a forecast to grow to S$81.72 million in 2028.
The government introduced support measures in April 2023 due to strong demand for private homes and rising real estate prices, but prices of new apartments are expected to remain stable according to PropertyGuru experts.
Apartment rental costs in Singapore account for more than 40% of the total monthly budget, and in some cases, this percentage rises to 50%.

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
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Organization: Sgstudies
Address: 83 Clemenceau Ave, Singapore, 239920
Website: https://sgstudies.com/

Release ID: 89109912

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