Rent controls may lead to a cut in the amount of properties available, prompting demand to outstrip supply. This may also distort property prices and disincentivize landlords from maintaining proper upkeep of their rental units, MND added.
“Nevertheless, we are not closed to any option and will continue to monitor the situation closely and adopt such measures as may be necessary,” it said.
Rents for private apartments and public housing in Singapore surged about 32% and 27% respectively in March from a year earlier, though landlords often demand more. Singapore has topped New York with the world’s fastest pace of rental growth for high-end properties.
