Crypto News: Singapore’s skyrocketing rents shock expats

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Expats in Singapore are facing skyrocketing rents as they compete with locals in the city-state's hot housing market. Surging demand, along with a low housing supply due to pandemic-related construction delays, has driven rents up by as much as 40% or higher. Many hopeful renters are snapping up apartments without ever visiting them.

The market is also driving rental scams, with house hunters losing out on at least S$1.6 million ($1.2 million) this year through May. Singapore had one of the biggest rent increases in the Asia-Pacific region last year, prompting concerns that the sharp rise could make the city less competitive with other financial hubs trying to lure in talent, write Bloomberg's Faris Mokhtar and Xiao Zibang. Today on CityLab: Singapore's Surging Rents Shock Expats and Encourage Scammers

— Angel Adegbesan

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