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Tenants call the shots in weak leasing market
Rents will dip further this year.
It sure is tough to be landlord in Singapore’s weak leasing market. Data released by the Urban Redevelopment Authority showed that islandwide rents fell 1.7% quarter-on-quarter in the first quarter, following a 1% quarterly decline in the fourth quarter of 2014.
According to Colliers, the burgeoning supply of unsold homes will continue to weigh on the leasing market this year, with rents expected to soften by 5% in 2015.
“The unsold inventory and newly-completed homes will compete with the existing leasing stock to vie for a limited pool for tenants, which comprise mainly existing ones looking for alternative accommodation. New expatriate arrivals are expected to remain limited due to tighten immigration policies. With landlords getting the shorter end of the stick, a tenant’s market is likely to persist,” stated Colliers.
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