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Housing rentals in Singapore grew at a faster rate than any other city in the world in the fourth quarter of 2022 due to a combination of a shortage of available units and robust demand.

According to data compiled by Knight Frank, yearly rentals in the city-state increased by 28.7 percent during the third quarter compared to the same period a year ago. According to the assessment of premium residential rentals in 10 global cities, New York came in second with 19 percent rise, followed by London and Toronto.

Rising rents in Singapore, exacerbated by a shortage of new construction due to the epidemic, have been a cause of worry for locals. Tenant demand is expected to rise even higher as a result of the new immigration regulations aimed at attracting international expertise.

But, according to Leonard Tay of Knight Frank, 17,000 private residences are expected to be completed this year, which might help ease housing demands.

Hong Kong is at the bottom of the list because rents there declined by 6.4% annually as foreign corporations delayed growth plans. As people fled the city because of the outbreak, demand from renters has decreased.

Even while prime rents have remained strong in several global locations, Knight Frank reports that yearly growth is beginning to decelerate.