Singapore’s Sky-High Rents Show First Signs of Cooling

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Island-wide leasing contracts for private apartments over the past three months were at the lowest since the start of the pandemic

(Bloomberg) — Singapore’s rental price growth slowed in the second quarter, cooling a years-long boom that sapped affordability and threatened to dent the city-state’s appeal as a finance hub.

An index of private residential prices rose 2.8% from the previous three months, the smallest gain since 2021, Urban Redevelopment Authority figures show.

The growth in rental costs is expected to ease further as new units become available, with about 20,000 private housing completions due this year alone — the highest annual supply since 2017. Government measures have also helped relieve the spike in rents that rattled tenants.