Singapore sees rising rents amidst the COVID-19 pandemic, forcing some young tenants to return to their parent’s properties or face soaring rental charges. Since Best of the pandemic, the variety of Singaporeans and permanent citizens beneath 35 years outdated living alone increased from 15,900 in 2019 to 25,000 in 2020. However, knowledge from the Urban Redevelopment Authority and 99. co and SRX reveal a close to 30% enhance in renting costs for private residential properties, enabling a 26.8% rise in Housing Board (HDB) flat prices.
Some younger tenants, like advisor Yeon Jun Lin, a 30-year-old man, have opted to relocate back to their parent’s homes as rental prices climbed. With prices often doubling, many are choosing “logical decisions” over-emotional independence. Rising rental costs primarily impression singles who now face a stiff financial problem in maintaining an independent living area.
Alan Cheong, head of research and consultancy at Savills Singapore, acknowledges affordability points, with some singles forced to move again residence because of skyrocketing rents, whereas others turn to co-living spaces or shared renting preparations. Christine Sun, senior vice president of analysis and analytics at OrangeTee & Tie, says that while the numbers aren’t substantial, more native singles are shifting again in with their families. These decisions are driven by altering rental costs, rising work journey, and an eventual lift to COVID-19 restrictions.
Digital advertising specialist Alicia Kho pays US$1,100 a month for a room she calls her personal, an expense that has not deterred her from renting. She comments: “I can confidently say that it’s probably the greatest choices I’ve made in my life.” Co-living spaces are still appealing to younger adults who appreciate the advantages of independent dwelling..