Last updated: January 2024
Living independently and living with your own place freely and peacefully are fun and all not until it is already your due to pay for your rental fee.
Yes, we understand the struggle of being a rent spacer, especially here in Singapore because rental prices seem to be pretty expensive and keep fluctuating between increasing and decreasing.
This post would be a good one to read if you're looking for and intending to rent a place in Singapore, whether you're moving out on your own or with someone else. We'll be talking about rental costs in Singapore as well as frequently asked questions about Housing Development Board (HDB) apartments in Singapore.
A rent spacer like you will find the information we've compiled below to be very useful, so be sure to read it all if you want to understand more about renting pricing in Singapore.
Are rental prices in Singapore going down?
The rental sector in Singapore is seeing strong growth and might keep doing so in the near future.
Falling rental rates and declining volume might have more significant effects on the remainder of the market.
Since the pandemic began, HDB rentals have increased for two years while condo rates have increased for one and a half years already.
The current increase in rents in Singapore's rental market is likely the result of a rise in rental demand as well as a delay in the construction of new HDB flats and residential developments.
In 2022, the rental price growth in Singapore has already surged 8.6 per cent in the third quarter. In the first nine months of 2022, HDB rents also surged 20.9 per cent.
Price increases are often brought on by either a rise in demand or a fall in supply.
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Will Singapore Property prices Drop 2023?
The amount of sales for both private properties and HDB resale apartments decreased. Even though the growth was modest, prices continued to rise.
The cost of borrowing is anticipated to increase further as interest rates are predicted to climb. This might further reduce demand, resulting in a sluggish Q2 in 2023.
However, the HDB and private rental markets continue to see increases in both pricing and demand.
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How much does rent in Singapore cost?
Image credit: @jdsghomestories
How Much To Rent A Room Or Whole Unit In Singapore - Rental Price Singapore
You could be steadfast enough to start living and renting your own space in Singapore despite the city's fluctuating growth and fall in rental prices.
Given that, you are looking for a list of the current rental rates in Singapore, aren’t you? So, let's take a brief look at Singapore's current HDB rental flat costs.
| HDB towns | 3 bedroom rental flat prices |
4 bedroom rental flat price |
5 bedroom rental flat prices |
|---|---|---|---|
| Ang Mo Kio | $2,000 | $2,400 | $2,650 |
| Bishan | $2,200 | $2,600 | $2,800 |
| Bukit Merah | $2,200 | $2,900 | $3,000 |
| Central | $2,350 | $3,050 | N/A |
| Clementi | $2,200 | $2,700 | $2,870 |
| Geylang | $1,950 | $2,400 | $2,700 |
| Hougang | $1,900 | $2,200 | $2,500 |
| Jurong West | $1,930 | $2,400 | $2,500 |
| Jurong East | $2,000 | $2,350 | $2,750 |
| Kallang/Whampoa | $2,130 | $2,700 | $2,950 |
| Punggol | $2,330 | $2,500 | $2,300 |
| Queenstown | $2,300 | $2,900 | $3,200 |
| Serangoon | $2,100 | $2,500 | $2,700 |
| Tampines | $2,150 | $2,350 | $2,500 |
| Woodlands | $2,000 | $2,300 | $2,400 |
| Yishun | $1,950 | $2,250 | $2,400 |
| Toa Payoh | $2,450 | $2,600 | $2,850 |
| Sengkang | N/A | $2,300 | $2,400 |
| Sembawang | N/A | $2,200 | $2,400 |
| Pasir Ris | N/A | $2,300 | $2,400 |
| Marine Parade | $2,200 | $2,430 | N/A |
| Choa Chua Kang | $2,050 | $2,200 | $2,450 |
| Bukit Panjang | $1,700 | $2,300 | $2,500 |
| Bukit Batok | $1,900 | $2,400 | $2,450 |
| Bedok | $2,000 | $2,400 | $2,600 |
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Why do some choose renting over buying?
Why Renting Could Be Better Than Buying - Rental Price Singapore
If you desire more freedom and less responsibility, renting a home could be the best option for you. Renters benefit from lower maintenance and ongoing expenditures, and as tenants, taxes, insurance, and maintenance costs are less of a concern.
Basically, renting is an excellent option for folks who aren't quite ready to buy their own house. It is something that gives you a home without any of the burdens of homeownership.
It's the easiest way to live in a house without the hassle — here are a few reasons why:
No property tax
Although many states don't have property taxes so high, the cost of property taxes increases with a home's value. And as a tenant, you won't need to worry about that either.
You're not tied to it long-term
Renting a property is the best option if you don't intend to live in the same city for an extended period of time. Renting grants you the opportunity to make future decisions without the threat of a 30-year mortgage.
Avoid major expenses
You are not accountable for maintenance and upkeep when you rent. You should start saving money for repairs when you purchase a home, apartment, or condo.
Will HDB rental prices increase further?
Will HDB rental prices increase further? - Rental Price Singapore
In remote neighborhoods like Bedok, Bukit Batok, Jurong West, Punggol, and Woodlands, median HDB rental rates increased the most dramatically.
In more centralized and/or desirable towns like Kallang/Whampoa, Toa Payoh, Bishan, Marine Parade, and Clementi, HDB flat prices stayed the same.
One explanation might be because renters are in such great demand that landlords are asking for higher rents.
Will rent go down in 2023 in Singapore?
Will rent prices go down in Singapore? - Rental Price Singapore
April had the highest home rental rates in Singapore, topping the previous peaks in 2013.
As Singapore reopens and visitors visit the city-state once more, rents are anticipated to continue climbing.
Private residential rent growth in 2022 may range from 6% to 9%, but rental growth in 2023 could slow down.
What is the average HDB rental price in Singapore?
I bet you're still looking for the average HDB rental rate in Singapore if you're still contemplating whether to start renting a HDB flat in Singapore at this moment.
So, what is Singapore's average HDB rental cost in 2023? See the table below to learn more:
| Type of Apartment | Rental Rate |
|---|---|
| 3 room flat (Whole Unit) | $2,200 - $3,000 |
| 4 room flat (Whole Unit) | $2,800 - $3,500 |
| 5 room flat (Whole Unit) | $3,900 - $5,000 |
Who is eligible to rent HDB flats?
Who can rent HDB in Singapore? - Rental Price Singapore
In Singapore, renting a HDB apartment is actually not that simple; eligibility requirements always apply. Those who want to rent HDB apartments must fit one of the following criteria:
- Singapore Citizens
- Singapore Permanent Residents
- Holders of employment passes, S passes, work permits, student passes, dependent passes, or long-term social visit passes who are not citizens of Singapore but are residing there legally. These passes must be valid for at least six months as of the application date.
- Work permit holders from the construction, manufacturing, marine, and process sectors must be Malaysians
- Tourists are not allowed as tenants of HDB flats
How to rent cheap in Singapore?
Renting a home in Singapore can be expensive, but there are ways to find affordable housing options. Here are some tips on how to rent cheap in Singapore:
Consider the location: Rent tends to be cheaper in areas that are farther away from the city center or business districts. Consider looking for housing options in areas that are not as popular or trendy.
Look for smaller apartments: Smaller apartments tend to be more affordable than larger ones. Consider looking for studio or one-bedroom apartments, which can be more affordable than two or three-bedroom apartments.
Consider shared housing: Sharing a home or apartment with roommates can be a more affordable option than renting a place on your own. Consider looking for shared housing options, such as room rentals or co-living spaces.
Negotiate the rent: If you find a place that you like but the rent is too high, consider negotiating with the landlord or property manager. You may be able to negotiate a lower rent or a longer lease term.
Look for government-subsidized housing: The Singapore government provides affordable housing options for low-income families and individuals. Consider looking for government-subsidized housing options, such as Housing and Development Board (HDB) flats.
Use online resources: There are many online resources that can help you find affordable housing options in Singapore. Consider using websites such as PropertyGuru, 99.co, and SRX Property to search for rental listings.
Overall, there are many ways to find affordable housing options in Singapore. By considering the location, size, and type of housing, negotiating the rent, and using online resources, you can find a place to rent that fits your budget.
Rent In Singapore: How Much To A Room Or Whole Unit
Who wouldn’t love to live in Singapore? As being one of the most developed, advanced, and civilized countries in Asia, living in Singapore would always be someone's dream.
However, the cost of renting a home can be one of the things holding you back from moving, and we understand how frustrating that can be, especially given that rental costs in Singapore seem to be extremely high right now, especially ever since the COVID-19 pandemic star
As you finish reading this post, we hope you have found the information you were looking for, particularly the most recent Singapore rental costs. We're excited to see you in our next postings!
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