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The population in Singapore decreases when foreign workers return to their home country or when expatriates are sent back to their homes due to the decrease in revenues of companies.
Developers are renting out their new florence residences review developments to increase their cash flow. With the increase in the supply of houses for rentals, property rental prices would drop too.
If more people are expecting the rental prices to drop and delay their option of renting a new house, then the overall demand for rentals would drop too. A few tenants who are looking for new houses to move have been expecting the prices to fall again and have been waiting longer for the rentals to drop further.