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29-06-2022, 08:54 AM
There's a similar report posted in this forum but that report lacks a lot of details. So I am posting this.
Tue, 28 June 2022 at 10:23 am
By Faris Mokhtar and Xiao Zibang
(Bloomberg) — When Canadian expat Michelle went to renew the lease on her three-story house in Singapore in May, her landlord wanted to raise the rent by almost 40%.
......
Rental prices for the private properties leased by expats are rising on average by 20% to 40%, according to 10 real estate agents interviewed by Bloomberg, though some landlords are even asking for double the previous rent.
......
In January, the asking price to rent a bungalow in a luxury residential area on Sentosa island shot up by S$11,000 in a day, starting at S$26,000 a month and closing at S$37,000,
......
Bafna said one of his clients refused to believe him when he was placed 19th on a waiting list to see a house in the East Coast area, not far from Changi Airport. “It’s not that we are giving them the wrong picture,” Bafna said. “We ourselves are as amazed as anyone. In my 11 years as an agent, I have never heard of” No. 19 on the waiting list, he said.
The red-hot market is giving rise to rental scams, where people posing as agents use fake online listings to lure deposits from unsuspecting home hunters. At least 547 people fell prey to the schemes this year through May, Singapore police said, with losses amounting to at least S$1.6 million.
......
Landlords are even rescinding offers after tenants pay security deposits, because they want higher prices, according to PropNex agent Anthea Yeo.
Singapore isn’t unique in seeing rising rents. They’re also surging in London and Dubai. In New York’s Manhattan, median asking prices jumped 36.9% in the first quarter from a year earlier, according to property portal StreetEasy.
......
In one instance, a four-bedroom unit at Ardmore Park, within walking distance of the glitzy Orchard Road shopping belt, received 60 inquiries within 24 hours
......
In “countries like Germany, there’s regulation on rent increases,” said Chainalysis’s Dell’Orto, an Italian who’s been in Singapore for almost two years. “In Singapore’s case it’s not really regulated and that makes it challenging.”
Singapore abolished rent controls in 2001 after government housing programs had enabled most Singaporeans to own their own homes
......
About 90% of Singapore citizens own their homes and the government provides subsidies to many low-income families that can’t afford to buy
......
Still, more than a third of Singapore’s 5.45 million population are expats, and about 650,000 of those are permanent residents or hold white-collar visas.
......
the prospect of big rent hikes is looming for thousands of other foreign residents over the next few months.
Briton Lee Baker, who’s lived in Singapore for nine years, had already decided not to renew the lease on his four-story residence in the upscale Bukit Timah area. Given the uncertain economic outlook, he wanted something cheaper, he said. That was even before he heard his landlord’s offer: a 110% increase in rent.
https://sg.finance.yahoo.com/news/singap...33223.html
Tue, 28 June 2022 at 10:23 am
By Faris Mokhtar and Xiao Zibang
(Bloomberg) — When Canadian expat Michelle went to renew the lease on her three-story house in Singapore in May, her landlord wanted to raise the rent by almost 40%.
......
Rental prices for the private properties leased by expats are rising on average by 20% to 40%, according to 10 real estate agents interviewed by Bloomberg, though some landlords are even asking for double the previous rent.
......
In January, the asking price to rent a bungalow in a luxury residential area on Sentosa island shot up by S$11,000 in a day, starting at S$26,000 a month and closing at S$37,000,
......
Bafna said one of his clients refused to believe him when he was placed 19th on a waiting list to see a house in the East Coast area, not far from Changi Airport. “It’s not that we are giving them the wrong picture,” Bafna said. “We ourselves are as amazed as anyone. In my 11 years as an agent, I have never heard of” No. 19 on the waiting list, he said.
The red-hot market is giving rise to rental scams, where people posing as agents use fake online listings to lure deposits from unsuspecting home hunters. At least 547 people fell prey to the schemes this year through May, Singapore police said, with losses amounting to at least S$1.6 million.
......
Landlords are even rescinding offers after tenants pay security deposits, because they want higher prices, according to PropNex agent Anthea Yeo.
Singapore isn’t unique in seeing rising rents. They’re also surging in London and Dubai. In New York’s Manhattan, median asking prices jumped 36.9% in the first quarter from a year earlier, according to property portal StreetEasy.
......
In one instance, a four-bedroom unit at Ardmore Park, within walking distance of the glitzy Orchard Road shopping belt, received 60 inquiries within 24 hours
......
In “countries like Germany, there’s regulation on rent increases,” said Chainalysis’s Dell’Orto, an Italian who’s been in Singapore for almost two years. “In Singapore’s case it’s not really regulated and that makes it challenging.”
Singapore abolished rent controls in 2001 after government housing programs had enabled most Singaporeans to own their own homes
......
About 90% of Singapore citizens own their homes and the government provides subsidies to many low-income families that can’t afford to buy
......
Still, more than a third of Singapore’s 5.45 million population are expats, and about 650,000 of those are permanent residents or hold white-collar visas.
......
the prospect of big rent hikes is looming for thousands of other foreign residents over the next few months.
Briton Lee Baker, who’s lived in Singapore for nine years, had already decided not to renew the lease on his four-story residence in the upscale Bukit Timah area. Given the uncertain economic outlook, he wanted something cheaper, he said. That was even before he heard his landlord’s offer: a 110% increase in rent.
https://sg.finance.yahoo.com/news/singap...33223.html
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