Why is 2024 a Winning Year for Tenants?

Landlords have enjoyed the rapid run up in rental growth over the past few years. But things are starting to change. 

For a start, URA and HDB have jointly announced the relaxation of occupancy cap for larger units between 22 January 2024 and 31 December 2026. 

The move will see occupancy cap lifted from 6 pax to 8 pax, and is expected to help alleviate rental crunch. 

Apart from that, the slew of home completions have contributed to more rental listing. To add on, rental demand has receded since the beginning of 2023 as construction backlog eased. All of which have contributed to moderated rental price growth in recent months. 

ERA expects private rental market to ease, even as HDB rental market remains resilient.