Friday, May 5, 2023
HomePropertyRenting in 2023? Here is learn how to save on rental charges

Renting in 2023? Here is learn how to save on rental charges

With a mixture of assorted components reminiscent of cooling measures, building delays and sky-high property costs, rental charges have surged over the previous three years

Drawing from private expertise of renting for greater than a decade, listed below are 5 methods it can save you on rental. 

1. Dwell outdoors of the central space

If in case you have the selection of working from house and don’t must commute to work each day, renting outdoors of the Core Central Area (CCR) can be lighter in your pockets. The nearer you get to the prime districts, the upper the lease. Listed below are the varied districts situated in every of the areas. 

Singapore Areas Districts
Core Central Area (CCR) 9, 10 and 11, and components of 1, 2, 4, 6 and seven
Remainder of Central Area (RCR) 3, 8 and 12, and components of 1, 2, 4, 5, 6, 7, 13, 14, 15 and 20
Outdoors Central Area (OCR) 16 to 19, 21 to twenty-eight, and components of 5, 13, 14, 15 and 20

Renting flats within the Outdoors Central Area (OCR) is essentially the most reasonably priced, adopted by the Remainder of Central Area (RCR). 

ccr, rcr, ocr rental rates from 2013 to 2023
Rental charges of 2-bedroom condos within the three totally different areas prior to now 10 years.

Right here’s the typical lease and quantity from 1 Jan to twenty Mar 2023:  

Location Common worth psf Common worth Quantity
CCR S$6.07 S$5,866 967
RCR S$5.42 S$4,477 1,390
OCR S$4.52 S$3,733 1,613

It’s not simply the rental that comes with a better price ticket within the central area. You’ll discover that important facilities reminiscent of eating places, supermarkets, comfort stalls and leisure choices are additionally dearer. 

2-bedroom condos for lease


2. Lease an HDB flat as a substitute of a condominium

When individuals take into consideration renting in Singapore, they often take into consideration renting a condominium. Nevertheless, going the HDB route will certainly prevent more cash.

For instance, the month-to-month rental of a 3-room HDB flat in District 19 (Hougang/Punggol/Sengkang) can vary from S$1,200 to S$4,000. In distinction, a 2-bedroom condominium in the identical district will price wherever from S$3,400 to S$5,700. That’s a distinction of greater than a thousand {dollars} each month. 

Listed below are the 2022 This fall rental statistics from HDB.

City 2-room 3-room 4-room 5-room Government
Ang Mo Kio * S$2,300 S$2,900 S$3,150 *
Bedok * S$2,300 S$2,800 S$3,000 *
Bishan S$2,600 S$3,200 S$3,550 *
Bukit Batok * S$2,200 S$2,650 S$3,200 *
Bukit Merah S$2,200 S$2,600 S$3,500 S$3,800
Bukit Panjang * S$2,700 S$2,850 S$3,000 S$3,250
Bukit Timah * * * *
Central * S$2,800 S$3,850 *
Choa Chu Kang * S$2,800 S$2,800 S$3,000 S$3,000
Clementi * S$2,500 S$3,200 S$3,400 *
Geylang * S$2,350 S$3,000 * *
Hougang * S$2,300 S$2,750 S$2,700 S$3,000
Jurong East * S$2,500 S$2,900 S$3,100 *
Jurong West * S$2,200 S$2,900 S$3,030 S$3,200
Kallang/ Whampoa * S$2,450 S$3,100 S$3,700 *
Marine Parade S$2,400 S$3,350 *
Pasir Ris * * S$2,700 S$3,000 S$3,300
Punggol S$2,350 S$2,850 S$3,000 S$3,100 *
Queenstown * S$2,730 S$3,600 S$4,200 *
Sembawang * * S$3,000 S$2,870 S$3,000
Sengkang * S$2,550 S$3,000 S$3,100 S$3,000
Serangoon S$2,500 S$3,200 S$2,800 *
Tampines * S$2,500 S$2,800 S$3,200 $3,200
Toa Payoh * S$2,400 S$3,450 S$3,200 *
Woodlands * S$2,200 S$2,650 S$3,100 $2,900
Yishun * S$2,400 S$2,800 S$3,150 *

• (-) Signifies that there are not any rental transactions within the quarter
• * Signifies that the median lease just isn’t proven as a result of there are lower than 20 rental transactions within the quarter for that exact city and flat sort

Supply: HDB

When renting a condominium, it components in paying for personal services such because the fitness center, pool, BBQ pits, jacuzzis, and many others. Nevertheless, there’s no level paying for what you gained’t use, particularly if these services aren’t central to your way of life. Or, should you’re an avid gym-goer however don’t like swimming, it could be cheaper to lease an HDB flat and pay for a separate fitness center membership as a substitute. 

Will you employ sufficient of the facilities to justify paying a better price ticket?

One other enormous perk of renting an HDB flat is that it typically has increased accessibility and connectivity. In comparison with some condos, HDB flats have many bus stops and prepare stations situated only a stone’s throw away. 

Facilities reminiscent of hawker centres, supermarkets and clinics are additionally often inside a brief strolling distance from an HDB flat. You’ll be able to simply decide up your groceries and different requirements at a cheaper price.

Properties for lease in District 19 (Hougang, Punggol, Sengkang)


3. Lease a bigger place and get a roommate 

In the event you’re renting a condominium, go for a bigger place, like a 2-bedroom house, as a substitute of shoebox models.

Taking the typical rental worth of S$5,26 psf in 2023 (up until 20 March), a shoebox unit of 500 sq ft comes as much as S$2,630. The rental of a 750 sq ft 2-bedder can be $3,945. Break up this two methods along with your roommate, and also you’ll be paying $1,973. That’s a distinction of S$657 each month!

Right here’s a extra detailed rental rundown of all of the districts in Singapore, based mostly on the typical rents this yr (up until 20 March). Be aware that the lease will range relying on different components, reminiscent of whether or not the house is furnished or unfurnished. 

District 1-bedder lease (S$ psf) in 2023 2-bedder lease (S$ psf) in 2023 1-bedder (500 sq ft) lease in 2023 2-bedder (750 sq ft) lease in 2023 2-bedder with roommate
1 7.59 6.86 S$3,795 S$5,145 S$2,573
2 7.93 6.9 S$3,965 S$5,175 S$2,588
3 7.74 6.5 S$3,870 S$4,875 S$2,438
4 7.25 5.8 S$3,625 S$4,350 S$2,175
5 6.53 4.84 S$3,265 S$3,630 S$1,815
7 6.67 5.69 S$3,335 S$4,268 S$2,134
8 6.53 5.15 S$3,265 S$3,863 S$1,931
9 7.33 6.24 S$3,665 S$4,680 S$2,340
10 6.96 5.42 S$3,480 S$4,065 S$2,033
11 6.21 5.52 S$3,105 S$4,140 S$2,070
12 6.3 5.14 S$3,150 S$3,855 S$1,928
13 6.35 5.42 S$3,175 S$4,065 S$2,033
14 6.4 5.68 S$3,200 S$4,260 S$2,130
15 6.05 4.86 S$3,025 S$3,645 S$1,823
16 5.59 4.5 S$2,795 S$3,375 S$1,688
17 5.37 3.63 S$2,685 S$2,723 S$1,361
18 5.95 4.32 S$2,975 S$3,240 S$1,620
19 5.91 4.69 S$2,955 S$3,518 S$1,759
20 6.46 5.54 S$3,230 S$4,155 S$2,078
21 6.19 4.05 S$3,095 S$3,038 S$1,519
22 6.83 5.52 S$3,415 S$4,140 S$2,070
23 5.39 4.1 S$2,695 S$3,075 S$1,538
25 4.99 4.53 S$2,495 S$3,398 S$1,699
27 5.6 4.12 S$2,800 S$3,090 S$1,545
28 5.65 4.73 S$2,825 S$3,548 S$1,774
  • (-) Signifies that there are fewer than 20 transactions in the course of the interval for the actual district and unit dimension 

From the above desk, you’ll discover that the worth per sq. foot for 2-bedroom flats can be decrease than these of 1-bedroom models. This makes it much more economical to share a 2-bedder with a roommate. 

4. Signal an extended lease

With rental charges climbing (albeit at a slower tempo today), it’s in your finest curiosity to safe an extended lease along with your landlord. Ask your landlord if they might be prepared to decrease the lease should you can provide an upfront deposit of two or three months. 

Locking in an prolonged lease interval means having fun with a hard and fast rental worth. You dodge the effort of getting to both search for a brand new house yearly or having to re-negotiate along with your landlord yearly. 

Many sudden prices include switching flats, reminiscent of taking time to search for an appropriate place inside your funds, ensuring your lease doesn’t overlap with the brand new house, in addition to the time and monetary prices of packing and shifting into an unfamiliar place. 

5. Take into account your wants relating to furnishing

Normally, fully-furnished flats are inclined to fetch a barely increased rental yield. Nevertheless, contemplate what you want and the size of your lease time period earlier than leaping the gun on a unit.

In the event you’re leasing for the brief time period, it makes extra sense to lease a fully-furnished place. Having an house that comes with all of the furnishings and home equipment saves you money and time sourcing for furnishings that you just’ll in all probability must promote in a number of months. 

Are we shifting… once more?

Once I rented my house for 2 years, I went for an unfurnished unit, so I may have the liberty to buy furnishings that might swimsuit my wants. After my lease ended, my landlord agreed to purchase the furnishings from me at a reduction. 

Doing so saved me the headache of determining what to do with all of the furnishings I had collected over the 2 years and storage and shifting prices that I might have incurred if I had chosen to take my furnishings together with me.

[Additional reporting by Virginia Tanggono]

Are you a seeking to lease within the close to future? Tell us within the feedback part under.

In the event you discovered this text useful, take a look at Ask these 10 questions when renting in Singapore and Letter of intent: What’s all of it about, and what does it entail? 



Please enter your comment!
Please enter your name here

Most Popular