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.
E.J. Smith - Your Survival Guy
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