Funny, I'm moving out of my HDB and I casually asked the landlord's agent why she hadn't been bringing new tenants by. She informed me she wasn't going to work for the landlord anymore, as the landlord wanted to raise the rent again and she felt the landlord was too high over the market. I'm currently paying $2800 (And the agent even said that was too high! hah. I knew this, but didn't want to lose the diplo clause which I just used) and the landlord wants to go to $3200 also.
She said that it would take her 4-5 months to fill the unit and it wasn't worth that time to her. She agreed with our common philosophy to fill it at a reasonable rate with no downtime, and not have empty periods just to get a higher rent.
This is in Marine Parade. Old 3-room improved (utility rom), but relatively recently rehabbed and full sea view. Agent mentioned
condo rents are plummeting and
condos in the area in getting to about the same range.