Debated in Parliament on 18 Sep 2023.
Mr Kwek Hian Chuan Henry asked the Minister for National Development (a) what is the Ministry’s outlook for the pricing level of the home rental market; and (b) what more can the Ministry do to moderate or reverse escalating rental cost to help tenants manage their cost of living.
Private and public housing rents are showing signs of stabilising. In the second quarter of 2023, the increase in private and public housing rents moderated to 2.8% and 3% respectively, compared to 7.2% and 4.4% in the previous quarter. This was the third and second consecutive quarter of moderation, for private and public housing rents respectively.
In the coming quarters, we expect rental pressures to further ease, as a significant number of residential units are completed. Close to 100,000 public and private residential units are expected to be completed from 2023 to 2025, adding to the rental supply. This will also reduce the immediate rental demand, as households temporarily renting move into their new homes.
To support Singaporeans who need to rent, the Housing and Development Board (HDB) offers schemes, such as the Public Rental Scheme for low-income Singaporeans with no family support and no other housing options, and the Parenthood Provisional Housing Scheme, for eligible families who need interim housing while waiting for the completion of their BTO flat.
We are watching the rental situation closely and will adjust our policies as necessary.
PAPERCUTS