The rental squeeze is not confined to Australia, expats in Singapore are facing average rent rises of 20-40 per cent, but some are up 110 per cent.
When Canadian Michelle went to renew the lease on her three-storey house in Singapore in May, her landlord wanted to raise the rent by almost 40 per cent.
In January, the asking price to rent a bungalow in a luxury residential area on Sentosa island shot up by $S11,000 in a day, starting at $S26,000 a month and closing at $S37,000, according to Navin Bafna, an agent at Singapore-based PropNex Realty. Landlords are even rescinding offers after tenants pay security deposits, because they want higher prices, according to PropNex agent Anthea Yeo.. They’re also surging in London and Dubai. In New York’s Manhattan, median asking prices jumped 36.9 per cent in the first quarter from a year earlier, according to property portal StreetEasy.
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