What to Look Out For When Renting an Apartment in Singapore
A futuristic city with sleek skyscrapers and heritage neighbourhoods, Singapore seamlessly blends innovation with tradition. This diverse island city radiates a youthful exuberance while preserving its old-world charm. It also boasts state-of-the-art civic and public amenities. It is no wonder that more and more people from different parts of the world are choosing to make Singapore their home. Whether you are planning to move to Singapore for good or simply rent a house temporarily, this guide on renting an apartment in Singapore is just what you need.
What to Look Out for When Renting an Apartment Singapore
The most vital factors or things to know before renting in Singapore can be summarised into the following questions.
- How much is your rental budget?
- How much is rent in Singapore?
- What is the rental process?
- What are the red flags to avoid?
- How to get the best rental rates?
Now, let’s attempt to answer each of these questions individually.
How Much Is Your Rental Budget?
The first thing you must determine is how much you are willing to spend on rent, i.e., your rental budget. Ensure you set a realistic number based on factors like your basic requirements, house size, and most importantly, your income and everyday living expenses. The general rule of thumb is to have enough funds to cover you for 3-6 months of living expenses, should you lose your income.
How Much Is Rent In Singapore?
Rental costs in Singapore, like with any other city, are directly proportional to the type of apartment you choose. Your chosen neighbourhood and access to civic amenities also impact the rental costs.
Apartment type and size:
You can choose from 3, 4, and 5-room public housing (HDB) flats with rental costs ranging from S$2,400 to S$4,300 per month. Likewise, 2-3 bedroom private apartments in suburban and central Singapore can cost S$3,500-9,000 per month, whereas top-tier, luxury properties and high-end condos can cost S$13,000 - S$40,000 or more. Costs also depend on whether these properties are unfurnished, semi-furnished or fully furnished.
Neighbourhood:
Areas like Woodlands, Choa Chu Kang, and Pungol are among the more affordable ones, where you can easily rent flats on a smaller budget, whereas regions like Bukit Timah, Toa Payoh, and Tampines are ideal for mid-range spenders. Conversely, if you are prepared to splurge more on rental costs, you can rent a house in Orchard Road/Nassim, Keppel Bay, or Sentosa Cove.
Facilities and Amenities
A crucial thing to know about renting an apartment in Singapore is that the access or lack thereof of civic amenities and facilities can impact your rental costs. Be prepared to pay a slightly higher price if the Mass Rapid Transit (MRT) is within walking distance from and to your home. The presence of health care centres, international schools, supermarkets and shopping malls, etc., also impacts rental costs.
What Is The Process For Renting An Apartment In Singapore?
Let’s break down the process for renting an apartment in Singapore into 5 simple steps:
1. Search Listings:
You can begin the process of looking for properties even before moving to Singapore. Research using the top online rental platforms, where you can use filters like budget, location, apartment size, etc.
2. View & Shortlist:
You can complete step two either virtually or via in-person visits. Initially, it can be a little overwhelming to find a property that fulfils all your requirements. Be patient, but thorough.
3. Send Your Letter Of Intent:
Once you’ve picked an apartment, you can send your landlord the Letter of Intent, expressing your interest in renting their property. You may also have to send a good-faith deposit with the letter.
4. Sign The Tenancy Agreement:
Your rental agreement in Singapore is called the Tenancy Agreement. It comprises all the clauses and laws governing rental homes, such as the Singapore rental deposit law clause, the utility payment clause, the termination notice period clause, etc. Read the document carefully before signing.
5. Pay The Stamp Duty:
The last step in the process of renting an apartment in Singapore is paying the nominal Stamp Duty. Typically, for rental costs up to S$1,000, the stamp duty is waived. For rents exceeding S$1,000, you can expect to pay 0.4% of the total rental costs for up to a four-year leasing period.
Once you complete the above steps, you can move into your home in Singapore!
What are the Red flags to avoid?
While you may not want to, sometimes you may encounter some red flags in the renting process. For instance:
· Some rental agents may be pushy and may try to get you to sign the rental agreement without giving you sufficient time to conduct your due diligence.
- Some agents may be double-dealing, i.e., seeking commissions from both landlords and tenants, which is not permitted under Singapore rental laws.
- Ensure the rental contract is not vague and all the leasing terms and clauses are clearly mentioned, so you don’t lose extra money, or worse, your security deposit.
How to Get the Best Rental Rates?
Singapore’s rental market has cooled down by 5%-10% since 2024, and you can leverage this trend to your advantage. You can also choose to rent homes in newly emerging neighbourhoods offering rental units at lower costs. Additionally, you can freely negotiate rental terms with your landlord or use trusted platforms like Weave Leaving that offer plush apartments with flexible leasing benefits.
Why Choose Weave Living
With Weave Living, you can find your perfect rental home in Singapore without much hassle. Simply visit the Weave Living website, select your stay type (short or long), input your stay dates, and complete the booking online. Weave Living is the ideal rental partner for people looking for serviced and luxury apartments in Singapore’s best neighbourhoods.
Final Note: Singapore is an ultra-modern city boasting the best infrastructure and a high standard of living. If you are moving to Singapore, equipping yourself with the necessary information surrounding rental costs and neighbourhoods, Singapore rental laws, tenancy agreement clauses, etc., can indeed make your transition to the new city easier.
An exciting life awaits you in Singapore. Let Weave Leaving assist you in finding your rental home.