Singapore Home Rents Fall for First Time in Over Three Years
- Gives respite to tenants after rents jumped in recent years
- Home price gains slowed for second year as market cools
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Singapore rents dropped for the first time in more than three years, giving respite to tenants on the back of increased housing supply and expectations for an economic slowdown.
An index of rents for private homes in the financial hub fell 2.1% in the fourth quarter compared with a 0.8% rise in the previous three months. That’s the first decline since the third quarter of 2020, according to figures published Friday by the Urban Redevelopment Authority. It’s also the steepest drop since the wake of the global financial crisis in 2009.