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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 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.
