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Many young people feel hopeless in the face of Taiwan’s steep property prices and high rents. The latest DGBAS statistics show that growth in rent prices has stayed below 2% over the past five months, and even slipped to a four-year low of 1.76% in May. It seems like rental pressures are easing, but does this translate to actual relief for tenants? One young professional who has been renting in Taipei’s Wanhua District for nearly a decade said he doesn’t dare sign a new contract with his landlord out of fear they’ll raise the rent.

Omo
Renter
I came to Taipei after starting college, and I’m 30 now. Before I settled in my current apartment, I moved basically once a year.

From college to now, Omo has had nearly a decade of experience renting in Taipei. He’s currently in a second-floor apartment near Wanhua Station with three bedrooms, a living room, and one bath for NT$25,000 a month. It’s convenient living near two rail lines with a bus stop 30 seconds from his door.

Omo
Renter
This place is a little bigger than where I lived before and the transport is more convenient. So even though it’s a little more expensive, I think it’s worth it.

According to DGBAS statistics, rents have grown at an average annual rate of less than 2% over the past five months. In May, it reached a four-year low of 1.76%. But to renters, it hasn’t made much of a difference.

Omo
Renter
I haven’t noticed. I have a fixed contract now. If I were to feel the effects of this trend, I’d have to sign a new contract, but there’s no way I’d renegotiate now. If I approached my landlord and said I wanted to sign a new lease, I highly doubt the rent would drop. So unless I had to move to a new place, this market cooldown doesn’t really affect me.

Tseng Ching-te
Real-estate researcher
Rental increases have already plateaued. It’s not like in the past two or three years, which was driven by inflation and rising real-estate prices, which in turn led to relatively dramatic rent hikes.

As salaries fail to keep pace with housing prices, experts recommend easing the financial burden by applying for government rental subsidies. Although rental hikes are finally subsiding, most tenants are still waiting to see any real relief in their bank accounts.

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