Rental shortage

[Manish Raj]

Is there a rental shortage, every listing I call is taken...

[Lisafuller]

I doubt it, the listings you’re enquiring about are probably quite popular.

[sundaymorningstaple]

How does your calls goes from the time they answer the phone? When do they tell you it's not available? What questions were you asked or what information did you provide before they told you it wasn't available?

[skeeting]

I agree with you Manish, we've just been through the property search process and there isn't a lot of choice and the good stuff is being taken really quickly. We too were being told regularly that either properties were taken without viewing, or after a few viewings were taken already.

[Max Headroom]

I wouldn't be surprised if the exact opposite is the case. I.e. the rental market has been so crappy that more and more protagonists feel they have no choice but to apply the old "Bait and Switch" technique.

In practice, this means you'll see ever-more units come online at really attractive rents, only to have them you tell upon inquiring that that particular unit has just been "snapped up" but that they have another unit available that is even nicer at only slightly higher rent.

Of course, these phantom units advertised were never available in the first place.

Bottom line: I reckon the number or rental units should be roughly the same as pre-Covid, possibly even a little higher, given the recent retrenchments of EP expats in particular.

The number of phantom units may, however, have gone up commensurately with the dire state of the rental market.

All of the the above is speculation on my part, though.

[sundaymorningstaple]

Max, you are probably spot on, truth be told.

[x9200]

Something weird is going on for sure and this looks like country wide. My condo, 600++ units, typically 10-20 available for rent at any time, now 2 only and overpriced (20% or more hike from last year June-August).

I also checked a number of sites like this very one using my usual search criteria and for like 5 districts only 12 units were found (normally 50-100).
It makes no sense with the covid retrenchments, migrations and the excess of vacant units right before the covid started so I really wonder what's going on.

[sundaymorningstaple]

I wonder if the Gahment is using some of those for inbound SHNs like they were doing with the Hotels?

[x9200]

I wonder the same.
But on the other hand, with no tourists coming in there should be plenty of hotel vacant rooms.
Unless many local folks use them frequently for the local favorite entertainment called staycation.

[sundaymorningstaple]

I reckon that's a possibility or they are using them as hourly staycation rates?

[the observer]

A few possibilities I can think of.
Reasons for more demand.

Malaysian workers can’t commute, forced to rent.
That drives vacancy of hdbs down, and spills over to condo.

Edit: oh yes, occupancy cap. Being enforced due to Covid. Previously turned a blind eye to.

WFH situation. Some families or friends staying together inevitably have to move out due to a lack of working space at home.


Supply:
Self explanatory. Lack of labor.

[fatdoggos]

I wouldn't be surprised if the exact opposite is the case. I.e. the rental market has been so crappy that more and more protagonists feel they have no choice but to apply the old "Bait and Switch" technique.

In practice, this means you'll see ever-more units come online at really attractive rents, only to have them you tell upon inquiring that that particular unit has just been "snapped up" but that they have another unit available that is even nicer at only slightly higher rent.

Of course, these phantom units advertised were never available in the first place.

Bottom line: I reckon the number or rental units should be roughly the same as pre-Covid, possibly even a little higher, given the recent retrenchments of EP expats in particular.

The number of phantom units may, however, have gone up commensurately with the dire state of the rental market.

All of the the above is speculation on my part, though.

I actually just experienced an agent list a fake listing and his intention was to sell another listing at the same development which was more expensive, smaller, and uglier. Contacted him to arrange for viewing and he said he would get back to me, he replied about a day later to arrange the viewing. When I confirmed, he then informed that the listing I wanted was taken (seriously, in 24 hours?) and told me we will be viewing another unit instead. Didnt even bother informing me from the get go, just casually slipped it in after we confirmed viewing. Pretty douchy imo

[tt1973]

Yes, there is a rental shortage now.

I can confirm this.

[bro75]

A possible contributor to the shortage is that some landlords who used to sublet a room have now decided not to do so due to the need of space for wfh.

[the observer]

There seems to be a few x more resale transactions in my condo, over the past few months.

Makes sense that agents these days would be focusing more on concluding resales instead of rentals. That’s where the cream is.