The rental market may be forced to cut prices further as a large upcoming supply of newly-completed condominiums pushes up the number of potential rental properties, according to media reports.
Property consultants believe that competition will heat up even more and rental rates will fall in the near future as project completions are expected to increase 62 percent from last year.
For instance, landlords of three-bedroom units at NV Residences in Pasir Ris, have cut monthly rentals from S$4,000 to less than S$3,500, said Chris Koh, Director of property consultancy Chris International. Moreover, some homeowners have found it difficult renting out their properties, months after collecting their keys.
NV Residences obtained its TOP in January.
Source – PropGuru – 31 Jul 2013