HDB rents seen improving after May’s weak showing

HDB rents slid 0.3% MoM in May.

The Housing and Development Board (HDB) rental market is expected to benefit from favourable tailwinds in the coming months, according to property analysts.

Huttons CEO Mark Yip said HDB rents will likely start to recover in the coming months as economic conditions improve.

Yip said muted demand and the overall resistance of tenants to increasing rents have weighed on HDB rents, which declined by 0.3% MoM in May.

The upcoming June holidays may have also tempered leasing activity in the HDB market according to Christine Sun, OrangeTee Group’s chief researcher and strategist.

“Many landlords are usually away on vacation, resulting in fewer available properties for viewing. Moreover, many expatriates, students, and tenants may have started to travel abroad, resulting in less rental activity,” Sun said.

She expects rental activity to pick up as school reopens.

Huttons see HDB rents rising slower at 3% to 5% for the full year 2024.

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