SINGAPORE: In a recent interview with YouTube host Max Chernov, Ms. Juliet Stannard, Director at CitiProp Property Management, reported a notable decl
SINGAPORE: In a recent interview with YouTube host Max Chernov, Ms. Juliet Stannard, Director at CitiProp Property Management, reported a notable decline in rental rates in Singapore, marking a stark reversal from the soaring prices witnessed in 2021 and 2022.
Having lived in Singapore for 30 years, Ms. Stannard remarked, “They’ve literally fallen off a cliff. Just all of a sudden there’s been a correction with the supply of new properties.” She attributed this sharp decrease in rental prices to the completion of several new developments that have entered the market following the construction lull during the Covid-19 pandemic, which has increased the availability of rental units as HDB flats are occupied.
Describing 2022 as a “crazy” year for the rental market, Ms. Stannard observed that the frenzy extended into the early months of 2023 but appears to be stabilizing now.
Her interview, published on August 13, has already garnered over 40,000 views. However, it seems the discussion was recorded a few months earlier, as she referenced an influx of foreigners returning in July and August following the summer break for international schools.
While she does not anticipate rental prices dropping back to pre-spike levels—especially in sought-after areas like Sentosa—she noted that less popular locations are becoming more negotiable. The market is expected to continue its correction into late 2023 and early 2024.
“But it takes a few months for landlords to start accepting the fact that they’re not getting these peak prices anymore,” she added.
Ms. Stannard advised prospective renters to consider areas like East Coast for better value, as well as River Valley, Pasir Panjang, and Keppel for a wider selection. Interestingly, she pointed out that while new properties tend to be more expensive, they often come in smaller sizes despite featuring more upscale amenities, suggesting that renters might benefit from exploring older developments instead.
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