23 Sep '13, 7am

Shoebox units fuelling demand for rental homes: Buoyed by a surge in int... property market

Buoyed by a surge in interest for shoebox apartments, rental demand for housing units remained strong in Q2, according to media reports. Based on data from Square Foot Research, rental contracts in the non-landed private residential market grew 11.6 percent from the previous year to 12,352 in the second quarter. In 1H2013, 22,937 rental contracts were secured, up 10.2 percent from a year ago. Despite having the lowest market share of 3.3 percent, shoebox units accounted for 26 percent of total rental growth from 1H2012 to 1H2013. Rentals for shoebox homes, which are defined as units measuring between 300 sq ft and 500 sq ft, soared 93 percent to 748 contracts in the first half of 2013. The surge in interest is primarily attributed to new shoebox units being completed in 2H2012, which accounted for 55 percent of total shoebox demand during that period and 35 percent of tota...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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