Written answer by Ministry of National Development on support for Singaporeans to rent in open market

Mar 21, 2023

Question No: 2833

Question by: Mr Louis Chua Kheng Wee

To ask the Minister for National Development (a) what measures are being considered to support Singaporeans intending to rent a house in the open market; (b) whether rent control mechanisms are being considered for the private housing market; and (c) what are the thresholds and parameters that the Government will consider before implementing housing rent control mechanisms.

Answer:

          The vast majority of Singaporean households own their homes. To support the minority of Singaporeans who need to rent, there are existing measures such as the Parenthood Provisional Housing Scheme (PPHS) for eligible families waiting for the completion of their BTO flat. We have been working to increase the PPHS supply and are on track to double it to about 1,800 PPHS units by this year. We are also ramping up the supply of public and private housing, which will inject supply into the rental market in the coming years. For example, close to 100,000 public and private housing units will be completed from 2023 to 2025.

2        International experience has shown that rent controls are likely to distort the housing market, and may inadvertently reduce rental supply or disincentivise landlords from maintaining proper upkeep of their rental units.

3        We are monitoring the situation closely and will adjust our policies as necessary.