The number of subletting transactions grew by 69 per cent to 6,600 in the first quarter. More HDB flats were also approved for subletting – from 24,300 in the previous quarter to 27,300.
HDB attributed the increase to more renewal cases, greater demand and public awareness of need to seek HDB authorisation to sublet entire flats.
Subletting cases have spiked since rules were relaxed in 2005, with property agents reporting part of the demand driven by foreigners and permanent residents.
But rents remained stable in the first quarter, with median prices for four- and five-room flats hovering just under $2,000 a month.
Source: Today, 24 Apr 2010