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Rental Market Update
Rental prices slow down Singapore’s properties are the fifth most expensive place to live in the world for expatriates and the third in Asia. The average cost of a one bedroom flat in the city centre is £1750 a month, outside the city centre the average cost for a one bedroom flat is £1000 a month.
Rent has increased by 0.3% this quarter; however, the rental market has decreased in growth by 0.8% compared to last quarter. Analysts suggest that the declining rate of rental increase will continue this year. This decline could have been affected by the tighter immigration policies.
Singapore’s government has reduced the inflow of foreign labour; this could be a potential factor for the dip in the rental increase. The additional number of new properties on the market is said to have an influence on the rental prices. To maintain the cost, Singapore’s government has increased the competitiveness for rented accommodation by increasing the supply.
Regardless of the high standard of living, Singapore continues to attract expatriate talent for the quality of life the city has to offer, with its world class healthcare system and excellent international schools.
Sterling advise employers moving assignees to countries like Singapore; that it is common to find cheaper rental rates if you move slightly further out of the city; Clementi MRT and Toa Payoh are 20-25mins outside the main city in Singapore (CBD) and rental prices are up to 20% cheaper.
Canada
Increasing renters, increasing rent
The average rental vacancy rate around Canada’s 35 major cities is at 2.7%. Renting around Canada is constantly at a high demand; condominiums have taken most of the demand especially in Toronto. New condos have been built to keep rental prices down. The increase for this quarter only went up to 1.6%, compared to last year; this is an increase of 0.1%.
This increase in renting has had a close correlation to the number of newly employed, young workers ages 20-24. The average cost for a two bedroom rented apartment in Canada is £560 per month. In the main cities of Canada the average cost for a two bedroom apartment is £771 per month.
Renting in Canada has become increasingly common and will soon have rent skyrocketing. More condo owners are opting to rent out their accommodation rather than sell as the mortgage market tightens.
Thailand
Tourism increases the Thai rental market
Thailand is known as a tropical paradise, it has tourists all over the world visiting, which is boosting their rental market. Although renting an apartment in Thailand is relatively cheap, the prices have increased by 30% in the past three years. The average cost of a one bedroom apartment is £400 a month. Thailand has one of the largest tourism industries in the world, welcoming all who come to visit. Last year Thailand had 22million tourists visit the country, and expecting to have 24.5 million by the end of 2013.
This is affecting their rental market, new demand from overseas is pushing the boundaries of the medium rental cost.
The sterling would like to advise assignees moving into to Thailand, especially Bangkok, to consider their transportation options. Bangkok’s streets are like mazes, which makes it difficult to find public transportation. It is advisable to look for a property with close proximities to public transport.