Singapore tops global rent prices; renters in major cities struggling amid rising demand

SINGAPORE: Singapore is now the most expensive city in the world for renting a home, with one-bedroom flats reaching a staggering $3,636 per month, as reported by the online cost-of-living database Numbeo.

This sharp rent increase is driven by the city’s growing population and a lack of affordable housing options.

According to Yahoo News, while locals in Singapore benefit from affordable housing options, expats face the biggest challenge as rental prices continue to climb due to high demand.

However, the situation is not unique to the city-state. Hong Kong, which has long struggled with high housing costs, ranks second, with a one-bedroom apartment in the city centre costing $2,911 per month.

Like Singapore, Hong Kong faces fierce competition for limited housing, keeping prices most unaffordable for renters.

Switzerland, Luxembourg, and the UAE are experiencing similar challenges due to a combination of housing shortages and high demand.

Cities in Europe and the Americas are also seeing rising rents. The United States, the United Kingdom, and Canada have all experienced sharp increases due to factors like inflation, supply chain issues, and post-pandemic migration.

Notably, Singapore’s situation is “particularly striking,” according to Yahoo News, as homeownership in the city-state reaches nearly 90 per cent, yet expats face sky-high rental prices.

The gap between limited supply and rising demand is driving the global housing crisis, putting pressure on renters in major cities. /TISG

Read also: Why 1-room HDB prices are reaching record highs

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