In the second half of 2022, rental demand for landed homes will still be growing, according to research by the real estate firm PropNex. This is because the rental market for residential property is “red-hot.”
in 3rd quarter 2022, the best lease agreement was for a good-quality Dalvey Estate bungalow near the Botanic Gardens. It was rented out for S$85,000 per month, which is the same as S$1.02 million per year.
PropNex said that the next highest-earning lease was for an Oriole Crescent property in the Bukit Timah area. The monthly rent for this property was S$80,000.
The Urban Redevelopment Authority said that rents for landed properties went up 10.9% in the third quarter of 2022, which was a much bigger increase than the 3.2% rise in the previous quarter.
This caused rents for private homes as a whole to go up 8.6%, which was faster than the 6.7% increase in the previous quarter.
This was the fastest growth since the third quarter of 2007.