Rental shortage

Discuss about where to live, renting a property, tenancy issues, property trend and property investment in Singapore.
Post Reply
Manish Raj
Newbie
Newbie
Posts: 1
Joined: Mon, 08 Mar 2021 7:22 pm

Rental shortage

Post by Manish Raj » Tue, 23 Mar 2021 7:30 pm

Is there a rental shortage, every listing I call is taken...

Singapore Property Search

 

Lisafuller
Reporter
Reporter
Posts: 882
Joined: Sat, 07 Nov 2020 11:45 pm

Re: Rental shortage

Post by Lisafuller » Sun, 28 Mar 2021 2:02 am

I doubt it, the listings you’re enquiring about are probably quite popular.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 38280
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 2
Location: Retired on the Little Red Dot

Re: Rental shortage

Post by sundaymorningstaple » Sun, 28 Mar 2021 2:39 pm

How does your calls goes from the time they answer the phone? When do they tell you it's not available? What questions were you asked or what information did you provide before they told you it wasn't available?
Life isn't about avoiding the bruises. It's about collecting the scars to prove we showed up for it!

skeeting
Newbie
Newbie
Posts: 10
Joined: Sun, 15 Nov 2020 4:12 pm

Re: Rental shortage

Post by skeeting » Sun, 28 Mar 2021 3:23 pm

I agree with you Manish, we've just been through the property search process and there isn't a lot of choice and the good stuff is being taken really quickly. We too were being told regularly that either properties were taken without viewing, or after a few viewings were taken already.

User avatar
Max Headroom
Reporter
Reporter
Posts: 890
Joined: Wed, 08 May 2013 11:31 am
Location: Singapore
Contact:

Re: Rental shortage

Post by Max Headroom » Mon, 29 Mar 2021 8:47 am

I wouldn't be surprised if the exact opposite is the case. I.e. the rental market has been so crappy that more and more protagonists feel they have no choice but to apply the old "Bait and Switch" technique.

In practice, this means you'll see ever-more units come online at really attractive rents, only to have them you tell upon inquiring that that particular unit has just been "snapped up" but that they have another unit available that is even nicer at only slightly higher rent.

Of course, these phantom units advertised were never available in the first place.

Bottom line: I reckon the number or rental units should be roughly the same as pre-Covid, possibly even a little higher, given the recent retrenchments of EP expats in particular.

The number of phantom units may, however, have gone up commensurately with the dire state of the rental market.

All of the the above is speculation on my part, though.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 38280
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 2
Location: Retired on the Little Red Dot

Re: Rental shortage

Post by sundaymorningstaple » Mon, 29 Mar 2021 11:58 am

Max, you are probably spot on, truth be told.
Life isn't about avoiding the bruises. It's about collecting the scars to prove we showed up for it!

User avatar
x9200
Moderator
Moderator
Posts: 9679
Joined: Mon, 07 Sep 2009 4:06 pm
Location: Singapore

Re: Rental shortage

Post by x9200 » Mon, 29 Mar 2021 12:17 pm

Something weird is going on for sure and this looks like country wide. My condo, 600++ units, typically 10-20 available for rent at any time, now 2 only and overpriced (20% or more hike from last year June-August).

I also checked a number of sites like this very one using my usual search criteria and for like 5 districts only 12 units were found (normally 50-100).
It makes no sense with the covid retrenchments, migrations and the excess of vacant units right before the covid started so I really wonder what's going on.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 38280
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 2
Location: Retired on the Little Red Dot

Re: Rental shortage

Post by sundaymorningstaple » Mon, 29 Mar 2021 12:23 pm

I wonder if the Gahment is using some of those for inbound SHNs like they were doing with the Hotels?
Life isn't about avoiding the bruises. It's about collecting the scars to prove we showed up for it!

User avatar
x9200
Moderator
Moderator
Posts: 9679
Joined: Mon, 07 Sep 2009 4:06 pm
Location: Singapore

Re: Rental shortage

Post by x9200 » Mon, 29 Mar 2021 12:32 pm

I wonder the same.
But on the other hand, with no tourists coming in there should be plenty of hotel vacant rooms.
Unless many local folks use them frequently for the local favorite entertainment called staycation.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 38280
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 2
Location: Retired on the Little Red Dot

Re: Rental shortage

Post by sundaymorningstaple » Mon, 29 Mar 2021 5:51 pm

I reckon that's a possibility or they are using them as hourly staycation rates? 8-[ :-"
Life isn't about avoiding the bruises. It's about collecting the scars to prove we showed up for it!

the observer
Chatter
Chatter
Posts: 392
Joined: Mon, 20 Jul 2020 11:57 am

Re: Rental shortage

Post by the observer » Mon, 29 Mar 2021 6:04 pm

A few possibilities I can think of.
Reasons for more demand.

Malaysian workers can’t commute, forced to rent.
That drives vacancy of hdbs down, and spills over to condo.

Edit: oh yes, occupancy cap. Being enforced due to Covid. Previously turned a blind eye to.

WFH situation. Some families or friends staying together inevitably have to move out due to a lack of working space at home.


Supply:
Self explanatory. Lack of labor.

fatdoggos
Newbie
Newbie
Posts: 3
Joined: Tue, 06 Apr 2021 2:32 am

Re: Rental shortage

Post by fatdoggos » Tue, 06 Apr 2021 3:13 am

Max Headroom wrote:
Mon, 29 Mar 2021 8:47 am
I wouldn't be surprised if the exact opposite is the case. I.e. the rental market has been so crappy that more and more protagonists feel they have no choice but to apply the old "Bait and Switch" technique.

In practice, this means you'll see ever-more units come online at really attractive rents, only to have them you tell upon inquiring that that particular unit has just been "snapped up" but that they have another unit available that is even nicer at only slightly higher rent.

Of course, these phantom units advertised were never available in the first place.

Bottom line: I reckon the number or rental units should be roughly the same as pre-Covid, possibly even a little higher, given the recent retrenchments of EP expats in particular.

The number of phantom units may, however, have gone up commensurately with the dire state of the rental market.

All of the the above is speculation on my part, though.

I actually just experienced an agent list a fake listing and his intention was to sell another listing at the same development which was more expensive, smaller, and uglier. Contacted him to arrange for viewing and he said he would get back to me, he replied about a day later to arrange the viewing. When I confirmed, he then informed that the listing I wanted was taken (seriously, in 24 hours?) and told me we will be viewing another unit instead. Didnt even bother informing me from the get go, just casually slipped it in after we confirmed viewing. Pretty douchy imo

tt1973
Chatter
Chatter
Posts: 175
Joined: Mon, 09 Sep 2019 3:14 pm

Re: Rental shortage

Post by tt1973 » Tue, 06 Apr 2021 6:22 am

Yes, there is a rental shortage now.

I can confirm this.

bro75
Reporter
Reporter
Posts: 555
Joined: Sun, 02 Sep 2012 8:06 am
Location: Singapore

Re: Rental shortage

Post by bro75 » Tue, 06 Apr 2021 8:47 am

A possible contributor to the shortage is that some landlords who used to sublet a room have now decided not to do so due to the need of space for wfh.

the observer
Chatter
Chatter
Posts: 392
Joined: Mon, 20 Jul 2020 11:57 am

Re: Rental shortage

Post by the observer » Tue, 06 Apr 2021 11:05 pm

There seems to be a few x more resale transactions in my condo, over the past few months.

Makes sense that agents these days would be focusing more on concluding resales instead of rentals. That’s where the cream is.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Property Talk, Housing & Rental”

Who is online

Users browsing this forum: No registered users and 5 guests