The total number of vacant private residential units, along with the current low vacancy rate, could gradually increase in 2023 as more new homes are completed, resulting in a moderate rental growth for residential properties. A total of 21,898 private units were empty as of 3Q22, 9.5% lower than the same year-earlier period, according to Urban Redevelopment Authority data. The total number of vacant units stood at about 27,000 in 2014-17, when about 19,000 were built.

The vacancy rate was 5.7% in 3Q22, below the historical 10-year average of 6.8%. Yet, it could gradually increase along with the increase in new builds in 2023.