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Rental Market Singapore:
House and Apartment Rentals: how and what to rent
Current Situation: Residential Rental Market in 2010
Singapore is still one of the 10 most expensive cities for expatriates to rent housing, according to the Mercer survey from February 2009. Comparing residential rents in 300 cities for expats, Mercer placed Singapore in tenth spot, it ranked ninth in September 2008.
According to Urban Redevelopment Authority, the pace of rental decline moderated from 5.2% qoq decline in 2Q 2009, to 2.2% qoq decline in 3Q 2009. The fall was uniform across the three planning regions, with rents of non-landed properties in Core Central Region falling by 2.1%, while that in Rest of the Central Region and Outside Central Region each dropped by 2.3% qoq. See Core Central Region map here.
The fall in rents of non-landed private residential properties in 3Q 2009 suggested that the marginal increase in 2Q 2009 was seasonal, as leasing activity improved on the back of expatriates locking in leases before the summer holidays. However, with such a marginal decline in 3Q 2009, it suggested that rents of non-landed residential properties are increasing stable. The marginal declines also reflect an easing in the pace of rental decline, as overall private residential sentiments remain positive. Rate of rental decline for detached homes island wide was slower at –2.7% in 3Q 2009 compared to 4.3% in 2Q 2009.The rental market can hope to benefit when the integrated resorts are completed, as there may be a number of senior management and foreign gaming experts and professionals who will be seconded to Singapore for strategic management of the IRs.
Rents of private residential properties are expected to increase by about 5% for the whole of 2010, but this will be property specific. There may be a number of well-positioned developments and quality completions, which have opportunities to achieve rental growth exceeding 5%.
The Good Class Bungalows where supply is lean will attract senior expatriates who remain for strategic portfolio and who are still willing to pay a rental premiums. As such, rents of GCBs may be able to increase by an average of 15% in 2010.
Knight Frank Research
Districts and Sections
You may be offered homes either by district or sector numbers. Sector numbers are corresponding to the postcode and have been introduced a couple of years ago but district numbers are still in use. See Locations for more info on selecting the right district and visit the local town portals.
Proceed to the section Education and view a map of all international schools in Singapore or visit the section residential areas for detailed info on where to live and why.
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Several housing developments further out are very popular for American and French expatriate families since some international schools have moved out of the town center.
The following Town Portals are a valuable source of information on courses, shopping, services, events and much more in your new neighborhood:
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Estate Agents and Home Search Services
With a formerly long term booming economy estate agents have been mushrooming in Singapore. Many however are only part time agents and there are no laws regulating the business. Agents are paid a pro rate commission being a portion of the monthly rental by the landlords.
If your monthly housing allowance is lower than either S$ 2500 for two years rental or S$ 5000 for one year rental many agents would not like to search for a house for you as their commission will be too low. You may negotiate a fee with the agent to be paid by yourself (usually two weeks rent) or go house hunting via the classified sections in the newspapers to approach landlords directly.
We strongly suggest you work with a reputable company, an agent who knows the market in and out and is used to deal with foreigners and their special demands.
More expatriates have become victims of tricky landlords, dodgy tenancy agreements, disappearing deposits and other rental snares. According to the Consumers Association of Singapore (Case), foreigners lodged 32, out of a total of 365, complaints against real estate agents from last October to March 2009. This was a 23 per cent increase from the 26, out of 516, complaints within the same period a year earlier . The Institute of Estate Agents itself has received five complaints from foreigners since last October. None of the agents mentioned was registered with it. Commonly cited were overcharging and failure to honour agreements, especially with regard to refunds.
To make sure that you are served to the highest professional standards, we have selected Knight Frank in Singapore to cover your home search needs and to assist you in settling down in your new home by setting up telephone, cable, gas, electricity and water utilities. Use the inquiry form to contact Knight Frank. See the property portal and view selected homes for rent.
Ideally real estate agents for HDB flats can show your that they are certified by the HDB (Housing Development Board). Others may have passed by the Common Exams for Housing Agents (CEHA) or a certificate submitted by the Singapore Institute of Standard Surveyors. Many are listed with the Institute of Estate Agents (IEA). In general any person can apply for a license as an estate agent and we highly recommend that you choose an established professional to assist you in finding a new home in Singapore. Only about one-third of real estate agents here are CEHA-certified.
Note: in general you are not obliged to appoint the agent referred by your company to find you a home in Singapore. Agents in Singapore often cooperate with other agents and share the commission of the landlord. So it is best to note down which agent showed you the property to avoid repeated viewing.
Newly launched property for sale is often marketed as an investment to attract buy to let owners. In these cases property agents such as Knight Frank will be appointed as sole letting agents. This means that those attractive condominiums will hardly be available through other channels.
Knight Frank Inquiry Form
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Expatriates moving to Singapore or moving within Singapore have a vast selection of homes to choose from. Their needs vary according to their family status and their living and working conditions. How to define those needs and select a home on these given circumstances is explained in detail in Step 6 of e-relocation Singapore.
Following the e-relocation step-by-step guide will save you a lot of time of visiting unsuitable homes and will reduce time you need to spend in a temporary home such as a serviced apartment or hotel. You are enabled to make choices on your future home based on unbiased information provided from the point of view of expatriates. We have observed that expatriates take great advantage of their knowledge. e-relocation users seldom fall for any unsuitable home thus guaranteeing a smooth and quick settling in process.
Inform your company to appoint Knight Frank as your home search agent as to be able to use e-relocation Singapore, a 250 page online step-by-step guide on relocating to Singapore. Your company can save cost as this service is free of charge and neither you nor your company will be charged as opposed to traditional relocation services.
We have typecast expatriates coming to Singapore and have selected suitable homes according to their needs as shown below. There are many more available and you can search our database for an overview of all currently available house rentals in Singapore.
Selected apartments for rent for the young and trendy expatriate- Profile
- Needs
- Selected Apartments
- Search
Single or couple, frequent travles, in need of part time cleaning services, want to live close to work and night life, dependant on public transport or taxis to move around in Singapore, sometimes needing a parking space for a company car
Work is dominating his/her life and therefore home has to be close to office with easy access to shops and entertainment. Gym, tennis and pool wanted. Alternatively the new home should be close to a club offering these facilities.
As a single
1-2 bedrooms city apartment , modern fully fitted kitchen , Cable TV, wireless Broadband Connection, fully furnished with modern bathroom fittings, gym, tennis, swimming pool.
As a couple
2 - 3 bedrooms city apartment, fully fitted home office with Internet, master bedroom and guest bedroom with en-suite bathroom, modern fully fitted kitchen , Cable TV, fully or partially furnished and modern bathroom fittings and full condominium facilities.
Selected apartments for rent for the expat family in Singapore
- Profile
- Needs
- Selected Homes
- Search
The typical situation for couples with young children: while he is working, she has given up her job and plans to start a family or they already have a very small child. These families want to bring up their children in a safe environment and love light homes surrounded by greenery. They are keen to live close to other expatriate families with young children.
The typical situation for couples with children schooling: Father is typically in an upper management position and travels the region and the family is depending on a close knit expatriate community. Mother is mainly taking care of the children but enjoys her new freedom and more leisure time as a live-in maid takes over the household chores and baby sits. The home must be spaced and ideally have a garden. Its location must be served by the busses of international schools as children's activities are centered there. The family has a car to reach shopping, entertainment and clubs and is not depending on public transport.
Couple with young children
Apartment or house with 3+ bedrooms, guest room with en-suite bathroom for visiting family members, a maid's room, walking distance to the kindergarten or play group. Home should be child safe and close to the daily needs for shopping and a club to meet fellow expatriates. As the spouse often does not have a car, proximity to a Gym, pool and tennis courts is highly appreciated.
Couple with children schooling
4+ bedroom condominium or detached house with pool and a maid's room. Large living, dining and family room with TV/cable connection, extra office a plus. Children's rooms must be able to accommodate desk. Good storage needed, large balcony, terrace or garden. Close to a club if children are teenagers.
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Selected Apartments for expat senior couples
- Profile
- Needs
- Selected Homes
- Search
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You rental budget is probably the best way for orientation when you start searching for a new home. In general housing allowances adjust to the current market situation within a few months. Naturally downward trends are greeted with a quick response from the human resource departments of multinational companies whereas upward trends need a little longer time to be recognized. As house rentals have gone up by about 30% since the below figures were published we advise you to view the table below with a pinch of salt.
We feature some ways around problems with low rental budgets in e-relocation Singapore and Knight Frank's agents are always ready to find a solution to make your housing dreams come true.
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The location of your new home is very important as cars are very expensive and not all companies are willing to buy/lease a company car. Partners and family are mainly depending on public transport and taxis or in order to be motorized drive their working partners to/from their office.
The distance to International Schools can be bridged by children being picked up by their respective school's buses that cover almost all parts of Singapore.
It is also safe for teenagers to ride public buses or the MRT and walk. See Commuting Time to find a bus station close to your child's new school.
See Commuting for more info on commuting time and visit the section Districts to make yourself familiar with the names of residential areas.
Rents for shared apartments vary between S$ 700 and S$ 1000 per month per person including utilities. To minimize future misunderstandings you may need to agree on:
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Try to find a partner to share an apartment via the following expatriate chat rooms.
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Contact also the International Associations.