People Fleeing China for Singapore Are Driving Up Rents

May 1, 2023 By E.J. Smith - Your Survival Guy

By TTstudio @ Shutterstock.com

Here’s a magnified look at what happens when there’s an end to a pandemic lockdown, and workers flock to where they’re compensated for working. People are flocking to places like Singapore, driving rents there sky-high. Many residents, especially expats in large private condos, have seen their rent go up as much as 100%. One expat living in Singapore, Sally Shoult, whose lease was coming to an end, attempted to renew her lease and found out that her rent would be increased by 75% if she renewed, even with the benefit of a “discount.” The Wall Street Journal’s Feliz Solomon reports:

She’s moving out.

The reasons for the rental frenzy are many. Expats started returning last year after riding out the pandemic elsewhere. At the same time, waves of new immigrants arrived from Hong Kong and mainland China, seeing the city as a stable place to park their money as Washington and Beijing clash over issues like trade and security.

To make things worse, just as foreigners rushed to the tiny island nation—about a quarter the size of Rhode Island, with a population of 5.6 million—there was unprecedented demand from Singaporeans. Construction of new units had stalled during the pandemic, and many locals were offering top-dollar for short-term rentals while they waited for their new homes to be built.

Real-estate agents said the sky-high demand led to fierce bidding wars.

Action Line: The people flocking to Singapore from China and Hong Kong (now controlled by China) are looking for a place where their money is treated well. You should too. If your state is treating your money poorly, start your search for a better America with Your Survival Guy’s 2023 Super States. Click here to subscribe to my free monthly Survive & Thrive letter.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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