Today-Mar 27
Some expats are leaving Singapore due to skyrocketing rental rates. While there are no official figures, anecdotes from expats and industry players point to a prevalence of this trend. This comes as rental prices for private housing shot up at the fastest pace in 15 years last year, outpacing some cities. Industry players warn that Singapore’s attractiveness to global talents would be impacted if prices continue to stay elevated. The impact of rising rental rates on the expat community gained attention recently when a TikTok video by a British woman about the topic made headlines. The woman who goes by the handle @salshoult had sarcastically described how her “generous” landlord intended to hike up rental rates by 75 per cent and called it an “excellent deal” as he would otherwise relist the property in the market at a 100 per cent mark-up. This comes as rental prices for private housing shot up at the fastest pace in 15 years last year, outpacing some cities. Senior analyst at Economist Intelligence Unit (EIU) Akshay Rathi said: “Singapore witnessed an above average increase in accommodation rental prices over the past year, and ranked in the top quarter in terms of rental inflation for the 173 cities assessed.” According to EIU’s latest annual World Cost of Living Report, Singapore ranks number one together with New York as the most expensive city. And while Singapore largely remains attractive to global companies and talents, experts cautioned that continuously elevated rental prices may gradually chip away at this attractiveness given heightened international competition. This may cause the nation to lose out on global talents, starting with those particularly sensitive to such costs. Read more at:
https://www.todayonline.com/singapore/rising-housing-rents-impact-expats-2137706
