23,893 private residential homes were rented in Q2 2021, resulting in the total leasing volumes in H1 2021 growing 13.9% from the same period in H1 2020.
Singapore saw private residential leasing volumes increase 1.1% during the second quarter of 2021, reported Singapore Business Review (SBR).
In Q2 2021, a total of 23,893 private homes were rented, taking the total leasing transactions for the first half of 2021 to 47,515, or up 13.9% from the leasing volume registered over the same period in 2020.
Savills attributed the increased leasing volume to various reasons, including the extension of leases by existing tenants as they wait for the completion of their new homes. It noted that the COVID-19 induced lockdowns have resulted in delays in the construction of new homes as well as home renovation works.
Savills also pointed to the slower outflow of foreign nationals compared to new arrivals and to millennials deciding to move out of the house of their parents to look for a more work-from-home-friendly environment.
Moreover, Singaporeans who were forced to return to the country due to the COVID-19 pandemic also had to rent since they either had no permanent residence within the city-state or their existing home has an ongoing lease, it said.
Savills said the growth registered in Q2 reversed the two-quarter drop in the private residential leasing volume.
Looking for a property in Singapore? Visit PropertyGuru’s Listings, Project Reviews and Guides.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
