Private home rentals to rise by 11%-12% in 2023

Next year, prices could grow by 6%-8%.

Rental rates of private homes will likely record a full-year growth of 11%-12%, PropNex said.

In a report, PropNex said rental rates have already climbed by a cumulative 11.1% in the first nine months of 2023 (9M23).

“As rents crept higher, there may be rental price resistance among tenants leading to more muted leasing transactions,” PropNex warned.

The real estate expert said the robust growth in private home rentals has already diverted some budget-conscious tenants to the HDB leasing market.

In 2024, Propnex expects rentals to grow by 6%-8%.

“With oncoming supply completions, some locations may see more readily available rental stock and this could potentially give tenants more bargaining power,” PropNex commented.

Follow the link for more news on

PropNex

Chart of the Day

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia