SINGAPORE – Compared to older age groups, more young Singaporeans are considering renting or flat-sharing as they feel that current property prices are too high.
Still, according to a consumer sentiment survey released last week by real estate portal PropertyGuru, most people indicate they intend to buy a home within the next two years.
While 1 in 3 respondents said they are feeling the pinch about rising rents, 2 in 3 respondents aged 22 to 29 said they would rather buy a home because they have no savings. He said he chose to rent to
One-fifth of respondents in this age group feel that current real estate prices are too high, and about one-third are interested in homeownership options such as shared housing. Rent and common facilities are cheap.
The study did not publish data on the sentiments of other age groups towards shared housing. This year he had 967 respondents to the biannual survey conducted from June to July.
Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, says privacy and freedom are reasons often cited by young Singaporeans entering the rental market.
“This trend was more prevalent during the pandemic when more people were working from home. We also observed young couples renting because they were waiting for their new apartment to be completed. ‘ she said.
Asher Chua, 27, rents a central Housing Authority apartment with two friends and said he chose to move out last year because he wanted his own space.
“I’m still feeling the pinch of paying rent every month, but I think having a personal space is worth it, and I don’t regret it.
“I’d like to invite my friends to my house, but it might be a little difficult when I’m with my family,” said the salesperson.
However, most people would like to buy their own home within the next two years, with the need for more personal space being the number one reason, research showed.
54% for those aged 22-29 and 48% for those aged 30-39.
Labor MP Luis Chua, who is set to speak on the housing needs of singles in parliament this month, said housing policy should address the growing rental needs of citizens.
“HDB rental apartments should be viewed solely to meet the housing needs of poor and needy citizen families who cannot afford home-owned apartments, have no other housing options, and lack family support. No,” he told The Straits Times.