IME the worst time to have a tenant leave is the 4th quarter. Any other time, you spruce the place up, hike the asking rent and off you go, but if it's 4th quarter, for me, I tend to get a rather sickening sense of doom. As the quarter progresses fewer and fewer people are relocating, and things don't start moving again until after mid-January.FaeLLe wrote:I think the rental property market is really slowing down in Singapore.
Had my 3 bedroom condo up for rent for almost two months and not got any serious interest for my place.... it is being advertised on Singapore Expats property website.
For a good place (well renovated etc) and 10 minutes from CBD i would have thought I would be seeing people swarming for it..
Anyone else have similar observations?
Local LLs are often filthy rich and they rather lose money than rent the place below their desired price/condition. Sometimes it goes beyond any logic and common sense.JR8 wrote:p.s. Remember the landlords maxim 'Voids kill'. It is far better to price reasonably and get a place away, than have a place sit with a void. That applies especially to newer landlords who might have higher financial leverage and outgoings. In such circumstances something like a 3 month void might wipe out a years profit, rendering your landlording 'business' pointless.
Average rental is the same as what I am asking for as per URA website for District 12. It's around $4500 pm for the 3 bed room square feet I have. Even my agents say my asking price is reasonable.Wd40 wrote:May be your rental expectations are way above the market? What is your expected rental and which condo is this?
That's letting pride, face, and ego get in the way of running a rental pragmatically as a business. And yes, this has been discussed before in relation to some local landlords here. Especially 'accidental landlords', where say a couple have a flat each, get married and use the 2nd as a rental investment. It's likely that neither are equipped/knowledgeable to be a decent landlord. And furthermore, rather than treating your home as a business investment, you are living in 'one of their homes'. This is not just SG. As an owner you have an emotional connection to your former home, that does not exist for a property you've acquired solely to let.x9200 wrote: Local LLs are often filthy rich and they rather lose money than rent the place below their desired price/condition. Sometimes it goes beyond any logic and common sense.
Comparing it to 'D12' doesn't help. Look at the URA site, look at rentals in your condo over say a 2 year view. Look specifically at units the same size as yours is.FaeLLe wrote:Average rental is the same as what I am asking for as per URA website for District 12. It's around $4500 pm for the 3 bed room square feet I have. Even my agents say my asking price is reasonable.
It's not an expat ghetto like 'Holland' vicinity can be, but there are pleeeenty of expats in D12, because you get significantly more bang for you buck, and a little more peace and quiet than in D9/10/11. So if you have a child or two, and need a spare room for visitors, a 3 bedder in D12 is a practical choice vs anything more central.Wd40 wrote: Also D12 is not exactly an expat hotspot, so expect some difficulty to rent it out.
Tough one.... Definitely seems you're unlucky with timing. Personally I'd be open to try incentivize if it enables you to get someone in earlier, i.e. as 2 months rent is $9k. However not much you can do until the agent at least starts finding some interested parties. good luckFaeLLe wrote:Average rental is the same as what I am asking for as per URA website for District 12. It's around $4500 pm for the 3 bed room square feet I have. Even my agents say my asking price is reasonable.Wd40 wrote:May be your rental expectations are way above the market? What is your expected rental and which condo is this?
In fact the pictures show the superior condition of the unit so it should stand out over others in the same condo.
Let's see I have put in 6 months of mortgage repayments in the bank so I might rather let it go un - rented than for a lower price.
Incentivize means to offer one month free rent in the first year or perhaps a cash back bonus for signing on (may be illegal for some expats). Alternatively increase price by $1500 and offer a free leased vehicle in the deal (some expats can't get vehicle allowances - this is a way around it by turning it in a property lease). Also check your agent isn't scaring them off with crazy commission nonesense.Beeroclock wrote:Tough one.... Definitely seems you're unlucky with timing. Personally I'd be open to try incentivize if it enables you to get someone in earlier, i.e. as 2 months rent is $9k. However not much you can do until the agent at least starts finding some interested parties. good luckFaeLLe wrote:Average rental is the same as what I am asking for as per URA website for District 12. It's around $4500 pm for the 3 bed room square feet I have. Even my agents say my asking price is reasonable.Wd40 wrote:May be your rental expectations are way above the market? What is your expected rental and which condo is this?
In fact the pictures show the superior condition of the unit so it should stand out over others in the same condo.
Let's see I have put in 6 months of mortgage repayments in the bank so I might rather let it go un - rented than for a lower price.
Yeah exactly. If you give a rental discount I agree it's a good idea to show it clearly, as a free month, or Rent = $4500 minus $X (which is a one-off incentive for the first Y months). That way easier to remove the discount afterwards if it becomes a longer-term rental with the same tenant.PNGMK wrote:Incentivize means to offer one month free rent in the first year or perhaps a cash back bonus for signing on (may be illegal for some expats). Alternatively increase price by $1500 and offer a free leased vehicle in the deal (some expats can't get vehicle allowances - this is a way around it by turning it in a property lease). Also check your agent isn't scaring them off with crazy commission nonesense.Beeroclock wrote:Tough one.... Definitely seems you're unlucky with timing. Personally I'd be open to try incentivize if it enables you to get someone in earlier, i.e. as 2 months rent is $9k. However not much you can do until the agent at least starts finding some interested parties. good luckFaeLLe wrote: Average rental is the same as what I am asking for as per URA website for District 12. It's around $4500 pm for the 3 bed room square feet I have. Even my agents say my asking price is reasonable.
In fact the pictures show the superior condition of the unit so it should stand out over others in the same condo.
Let's see I have put in 6 months of mortgage repayments in the bank so I might rather let it go un - rented than for a lower price.
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