Rental prices in Singapore surpass Hong Kong, the world’s most expensive housing market

SINGAPORE: The South China Morning Post reported on Sunday (19 Feb) that the average rental price for homes in Singapore has surpassed that of Hong Kong.

The report compared rental charges in three major locations and found that the average monthly rent in Singapore’s central region increased by 29.7% to S$5.77 per square foot as of December 2022, while Hong Kong’s average rent for a similar region was HK$33.54 (equivalent to S$5.70).

It is worth noting that Hong Kong has long been known for its high real estate prices, and in a 2019 report by Business Insider, it was ranked as the most expensive city to rent a 2-bedroom apartment, with Singapore coming in 12th.

The publication noted that the rise in rental prices could curtail Singapore’s advantage in luring global talent. Just last year, some expatriates voiced their frustrations with surging rental prices, with some reporting increases of up to 70%.

While this has led some to leave the country, some others are finding more creative ways to get around the soaring charges.

Recently, a property agent revealed on TikTok that she was shocked to find 11 people crammed into a rental flat while the homeowner was overseas.

@inasultan

Its important to find a solution to protect my clients. This is after 1hr of talking, the tenants said they put in more people to share the high rental cost now. We want to help but we are bound to HDB rules too. #tanyakakina #kakinaejenrumah #hdb #hdbagent #Sellbuyrent #hdbsg #condosg #landedsg #sgproperty #sgpropertyagent #sghouseagent #buying #res #sgrealtor #erashielddivision #malaysg #tiktoksg #sgtiktok #rental #overcrowding

♬ original sound – ina_sultan – ina_sultan

The agent, Ina Sultan, said that the tenants cited high rental costs as the reason for their overcrowded living conditions. They were hesitant to vacate the flat and suggested that any “extra” tenants could move out should an HDB inspection occur.

Ms Ina ultimately asked the tenants to vacate the unit to avoid legal issues for the homeowner, as there is a maximum limit of 6 tenants for larger HDB flats.

She added that she has previously discovered more than 40 people living in a single unit and expressed sympathy for those affected by the high rental costs in Singapore.

11 tenants in overcrowded HDB flat ask if they can ‘remove extra people when HDB comes to check, then put back when HDB leaves’