Some foreigners opt to hire HDB apartments as a result of outrageous condo rental price    increases.

In Singapore, Eddie Rivera, an American expatriate, lost his job at a technology company here early this year and was then struck by both rising housing costs and a loss of income.

The 38-year-old pays S$6,500 per month to rent a two-bedroom apartment in Marina Bay while living alone.

However, Mr. Rivera will be required to pay S$9,500 per month, which is a 45 percent rise from the current rate, when his two-year lease expires in January 2024.

Mr. Rivera, who now runs the Amateur Pool Association of Singapore, where foreigners and Singaporeans play pool together, said, "I thought I was going to stay in this building for many years and re-sign (the lease), but now there's just no way I can afford that."

Mr. Rivera is one of a select group of expats—a small but increasing group—who are relocating from private condominiums into HDB flats as rising rents and inflation are eating into their incomes.

Additionally, expatriates reported having to bid their peers and acquaintances farewell in recent months because some of them had made the decision to go back home or move to less expensive areas.

According to the Urban Redevelopment Authority, private property rent increased last year at the fastest rate in 15 years.

According to independent data from property portals 99.co and SRX, HDB flat rents rose 28.5% in 2022, while condominium rents rose 34.4% year over year.

According to the two sites' most recent flash report, condominium rents increased by 3.5% in February of this year over the same month last year.

With 5,119 units leased in February as opposed to 6,285 units rented in January, rental volumes decreased 18.6% month over month.

The rate of increase in rent for HDB apartments decreased to 1.2% in February from 1.7% in January, while rents in mature and non-mature areas increased by 1.7% and 0.8%, respectively.

The number of HDB apartments rented dropped by 7.2% month over month, from 2,822 units in January 2023 to about 2,619 units in February 2023.

There are no government statistics on how many foreign professionals with employment visas rent HDB housing.

Though the figures are small, real estate agents and analysts told TODAY that they have noticed more expats making the switch from condominiums to HDB flats or are eager to do so.