Debated in Parliament on 10 Jan 2023.
Mr Yip Hon Weng asked the Minister for National Development given the surge in HDB rental prices, whether the Ministry intends (i) to regulate the rental prices of HDB flats if they continue to go up and (ii) to enhance rental regulations to allow Singaporeans to have better access to the HDB rental market.
With the easing of COVID-19 measures and the reopening of Singapore’s borders, there has been strong demand for rental accommodation both in the private and HDB rental markets, which has led to an increase in rents.
Rental rates of HDB flats on the open market are private arrangements between the owners and tenants, and dependent on various factors, such as location and provision of fittings and furniture in the rental property. It would not be appropriate for HDB to interfere in private rental agreements. To facilitate informed decision making by owners and tenants, HDB publishes the median rent of flats in various locations with rental approvals under HDB’s Rental Statistics page.
HDB implemented the Non-Citizen (NC) quota for renting out of flats in January 2014 to prevent the formation of foreigner enclaves and to maintain the Singaporean character of our HDB heartlands. Once the NC quota for a block or neighbourhood is reached, no further applications, whether a new or renewal application, will be accepted for renting to the affected group of non-citizen tenants. This helps to allow Singaporeans better access to rent a flat.
Nevertheless, we will continue to monitor the housing and rental market conditions closely and review our housing policies to ensure they remain relevant in meeting the housing needs of Singaporeans.
PAPERCUTS