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The HDB rental market continues to strengthen with rents for larger flats recording the biggest jump.
Average monthly rents for bigger flats increased in the second quarter, driven by the demand from those fleeing from high private property, and experts said locals and foreigners who have sold their flats in the market are among those who boosted HDB rents.
All in all, average rents for two- and three-room units were unchanged at $1,200 and $1,500 per month, respectively; while four-room, five-room and executive units saw a median rental growth of between $50 and $100 monthly from the first quarter.
Average monthly rents for four-room flats increased to $1,800 from $1,750; rents for five-room units climbed to $2,000 from $1,900; and rents for executive flats rose to $2,100 from $2,000 the preceding quarter.
Average rents for executive flats located in Queenstown rose to $3,200 a month, surpassing the $3,000 benchmark for the first time since Q4 2008, while rents for five-room units in the central region also passed the $3,000 mark for two straight quarters at $3,150.
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