ASKING rents of private residential landlords in Singapore have been slipping since the last quarter of 2023, as rental demand eased and supply surged, a report by online property portal PropertyGuru found. 

The study, published in late March, showed that asking rents – as indicated by rents specified in listings on PropertyGuru’s portal – steadily declined in the last three months of 2023. The correction in asking rents in October and November consequently led to transacted rents dipping as well in December, said Lee Nai Jia, head of real estate intelligence, data and software solutions at PropertyGuru.

This follows two years of significant growth for both asking and transacted prices. Based on the Urban Redevelopment Authority’s rental index, rents for non-landed private homes grew by 38.8 per cent between Q4 2021 and Q4 2023.