Singapore residents bemoaning expensive home prices now have something else to worry about: rising rents.
Rents have jumped to a six-year high, and analysts anticipate further increases as demand outweighs supply. That is adding to costs for residents of the financial hub, especially expatriates, at a time when inflationary pressures are building.
The Covid-19 pandemic can be blamed for much of the gains: a shortage of migrant workers has contributed to construction delays, forcing people to lease while waiting for apartments to be built. Younger Singaporeans have been moving out of the family home in search of more space to work remotely, and homeowners returning from stints abroad are taking back their units, reducing the rental stock and pushing tenants into the market.