Foreign workers pushing HDB rental volume up

In July, rental volume increased by 11.1% MoM.

The return of foreign workers pushed the rental volume of HDB flats up in July, several property experts said.

In July, 1,762 HDB flats were rented, translating to an 11.1% MoM increase.

"Companies are resorting to more foreign hires to ease their manpower crunch. There have been more enquiries from ex-pats," Huttons said.

" The Ministry of Manpower expects the labour market recovery to continue and that will contribute to rental demand," Huttons added.

The steady arrival of expatriates also drove rental prices for HDB flats higher, according to One Global Group.

Moving forward, Huttons said rental prices will continue to rise, albeit at a moderate pace.

On the other hand, rental volumes will likely dip as more BTO flats get completed, said One Global Group.

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