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Rents have continued to climb higher and higher in New York City over the last several months, spurring new records on what feels like a far too regular basis.

But as uncomfortable as New York City’s rent hikes feel to many tenants now, they don’t compare to the soaring prices of Singapore’s prime rental market, The Wall Street Journal reported.

Rent for prime residential properties, or the top 5 percent of a market, rose faster in the island country to close out 2022 than both New York and London, with a 28 percent increase in rent growth year over year. By comparison, New York saw annual growth of 19 percent and London of 18 percent, according to the Q4 2022 Prime Global Rental Index report by Knight Frank.

However, rent hikes in Singapore have varied widely from landlord to landlord in recent months for some tenants hitting 100 percent, causing anxiety and duress when it comes time to inquire about a lease renewal.

That was the case with Sally Shoult, a 39-year-old freelance copywriter from the U.K. who leases in Singapore.

“I’d been hearing horror stories,” Shoult told The WSJ. “I was of two minds about whether I should even ask.”

After getting in touch with her landlord, Shoult’s real estate agent relayed the news: The landlord was willing to renew their lease (her and her significant other) at a 25 percent discount off of his asking price, which was 100 percent more than what they were currently paying. That hike would have made their rent nearly $10,000 per month. Shoult wasn’t exactly up for that, she explained on TikTok, so she’ll be moving out.

Real estate agents are also realizing that prices are getting out of hand and having to decide when to say no. Noam Nathan, a marketing director for ERA Realty Network, told The WSJ that he had to turn down a property owner who wanted to enlist Nathan’s services to rent out a rundown condo for a price that Nathan thought was far too high.

“I’m not a magician,” Nathan said.

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Email Lillian Dickerson

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