Wednesday, August 3, 2011

Singapore HDB Flat Rents are still on the rise

According to median transaction prices (not asking prices) from HDB, second quarter of 2011 also recorded increase in HDB rentals in Singapore for all room types of 3 room flats (2+1), 4 room flats (3+1), 5 room flats (4+1) and executive flats. It looks like the room prices in all unit types are increasing continuously since second quarter of 2009. By the end of 2011, average monthly cost of renting 3-room, 4-room, and 5-room flat rose to 1,740, 2,120, 2,390 and 2,460 SGD respectively. These are island wide averages and the numbers vary greatly from town to town.

As we have mentioned before, the asking prices are much higher than these averages and it is wise to check these actual transaction values from HDB before going into any rental contract. The first graph below shows the change in median HDB rental prices from Q3 2007 to Q2 2011.

According to the data, it was possible to rent a 2+1 HDB on average 1,130 SGD per month just 4 years ago in 2007. But now, average rental price of the same unit increased to 1,740 SGD. This is a 53 per cent increase in 4 years.

We have recently analyzed the data to see cheapest and most expensive towns in Singapore to rent an HDB. See it here : Cheapest places to rent an hdb flat in Singapore.

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