The Bukit Timah residential area in Singapore.
Photographer: Bryan van der Beek/Bloomberg
Singapore’s Surging Rents Shock Expats and Encourage Scammers
- Some residents decide not to renew leases as prices surge
- Issue raises questions about city’s appeal as a financial hub
When Canadian expat Michelle went to renew the lease on her three-story house in Singapore in May, her landlord wanted to raise the rent by almost 40%.
Michelle tried to negotiate but the owner wouldn’t budge on the S$10,000 ($7,200) a month asking price. She’s moving her family into a three-bedroom apartment next month.