Factors driving up HDB rents in Singapore

A jogger runs past condominiums in the Newton area of Singapore. — Bloomberg

SINGAPORE: Median rents across Housing Development Board (HDB) towns in January and February were at least 20% higher than in the same period last year, according to estimates by OrangeTee & Tie.

Overall, HDB rents shot up 27.7% in February compared with a year earlier – a rate of increase not seen in 15 years. January recorded a similar rise of 27.6%.