Instead of grasping in the dark, potential property tenants can now look up rental prices on the internet at their own time and convenience, and narrow down their search by road, block and unit type.
Monthly rental prices for both public and private housing will soon be made available on HDB and URA‘s websites and their aim is to provide timely information which will help tenants and landlords alike make better decisions before signing on the dotted line. Special care will be taken with regards to privacy protection and details such as level and floor will not be provided.
Is ths improvement on the transparency of information and data what property owners and tenants have been looking for? Will this aid with standardising rental prices across the board and will it have a positive effect on Singapore’s housing rental market?
Industry analysts think that this move may not necessarily lower rental prices as the motivational factor is still demand. Rentals of both private and public residential properties are on the rise, at 0.9 per cent and 4 per cent respectively in Q3. Has the demand for rental units gone up in the past quarter and what are the reasons for the rise? Is rental truly the way to go as more new units enter the market but the population growth slows?