Over the last two years, Seoul and Singapore have faced tremendous changes in their housing rental markets. Both markets significantly favor landlords as stock remains very tight. Demand for rentals is increasing, especially in Singapore, resulting in bidding wars where tenants pay higher than the asking price just to get their desired property.
A quick overview of the market situation:
Overview |
Seoul | Singapore |
What is happening with rental stock? |
Very tight |
Very tight |
How is demand? |
High and rising |
High and rising |
What is the new trend in payment systems? |
The monthly rent payment method preferred by expatriates is becoming less and less common and landlords may require full payment of the lease up front in addition to a deposit or may only be willing to consider local payment methods |
Renters should expect to pay a commission to tenant agents at all price points as landlord agents have the upper hand |
Is there new stock outside of desired/ expatriate neighborhoods? |
Expatriates have a difficult time finding properties in the local market that offer a preferred payment system |
West Singapore, which typically features more local housing, is gaining popularity |
What are the apartment and house rent inflation rates (from 2019, before the pandemic)? |
>20% |
>20% |
What does this mean for your assignees in these locations or starting an assignment in these locations?
Please contact AIRINC! We can help!
