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State of rental market Q4 2017, plus suggestions!

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MajorSing
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State of rental market Q4 2017, plus suggestions!

Postby MajorSing » Thu, 23 Nov 2017 1:46 pm

Hi,
Just confirmed to be moving to Singapore in a couple months. Started doing some research and anecdotally it appears that discounts of 10-20% are the norm, and perhaps even 20%+ if lucky. Does this sound about right for a condo at the $5k pm mark?

Currently considering the area around Mt Sophia/Dhoby Gaut (anyone know much about 8@Mt Sophia and Sophia Residences?), but open to suggestions - here are some details:

Priorities:
- your budget (approx range)
SGD $5-5.5k per month
- your workplace/s (don't name names, just approx neighbourhood)
Downtown, close to Asia Square
- the size and/or type of property that you are seeking (#bedrooms, on-site facilities etc)
3 bedroom min, plus helpers room. 4th bedroom a bonus
- will you have a car here?
No
- proximity to transport required. MRT-subway/buses/the airport/Malay border post (if so, which one).
Yes, MRT to get downtown
- will you have any accompanying children needing to attend school? If so, age/s?
One child, but a toddler so schooling not important yet
- are you looking at private (international/fee-paying, or local schools?)
N/A
- will your employer being funding any fees; or will you, 'out of pocket'?
N/A
- is remaining within a national curriculum important; if so what nationality are you?
N/A
- have you identified any such schools yet?
N/A

Nice to have:
- will you need to be able to say walk to the local shops, a library, your doctor, a market, and so on?
Yes, <10min walk to supermarket and decent shopping centre
- access to any specific sport, social, and recreation facilities?
No
- are you considering bringing any pets. If so what kind, and will they require outdoor access and/or exercise?
No
- are you considering bringing any parents/in-laws etc? Do they have specific needs (for example difficulty climbing stairs?)
No

Your current home and commute:
- are you already a city dweller? i.e. Are you used to city-centre hustle and bustle, or would you hope for a bit more peace and quiet?
Yes, living inner-city in Sydney
- what is the size and type (apartment, house+garden etc) of your current home?
previously a 2 bedroom apartment, currently a 3 bedroom home with small garden
- what are any current commute times like?
30min

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Max Headroom
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Re: State of rental market Q4 2017, plus suggestions!

Postby Max Headroom » Fri, 24 Nov 2017 8:13 am

Rent has been dropping for years and will continue to drop for years. In fact, the rate of descent is accelerating, given the huge overhang of new units coming online. And with the countless n-blocks recently, this over-capacity situation has exacerbated considerably.

Whatever the asking rent, expect it's at least 30% too high, because a lot of landlords just haven't twigged yet and continue to ask Fantasy Island rents.

It's a renters' market squared.

MajorSing
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Re: State of rental market Q4 2017, plus suggestions!

Postby MajorSing » Fri, 24 Nov 2017 12:40 pm

Thanks, that's what I was hoping to hear. In fact, it sounds like it may be worth negotiating a one year lease, as I can likely negotiate down even further upon renewal. Also, what are n-blocks?

Cheers

The Ref
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Re: State of rental market Q4 2017, plus suggestions!

Postby The Ref » Fri, 24 Nov 2017 3:06 pm

If you find a condo you like and want to know the going rate, use the URA page https://www.ura.gov.sg/realEstateIIWeb/resiRental/submitSort.action

Looking at the condo I live in the rent I negotiated in January is good compared to the last few months so who knows what will happen next. I don't think the rents will go back to the stupid days (circa 2012/3/4) but if you find a place that looks like it has been empty for a while then low-ball and try your luck. You may be better getting a 2 year lease and pay a lower amount than 1 year where the owner has to go through the hassle of renting it out twice and risking it to be empty again.

n-block is actually en block which means all the units have (or are being) sold and the building is going to be demolished. Normally this means older condos, lower rent, less people but also less upkeep of the services and often shorter lease terms. It is a lottery that you may be able to stay there for years, or you may be forced to move in 6 months.

MajorSing
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Re: State of rental market Q4 2017, plus suggestions!

Postby MajorSing » Tue, 28 Nov 2017 7:50 am

Great, I did see reference to URA on a few real estate websites - assume this is essentially the 'bible' of prices, and reflects real prices leased (not aspirational advertised prices)...

I did also hear that January is typically a good time to rent - not sure why, perhaps many expats tend to leave Singapore end of year before Xmas/NY? If from AU/NZ, this makes sense to give a few weeks to move/enjoy some time off in Summer before start of school year.

I guess one other advantage of a 2 year lease is only paying agents fee once?

Thanks all for the help

bgd
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Re: State of rental market Q4 2017, plus suggestions!

Postby bgd » Tue, 28 Nov 2017 10:09 am

MajorSing wrote:
I guess one other advantage of a 2 year lease is only paying agents fee once?


You don't have to pay agent's fees if you do it yourself. There are a few websites that have property details and you can contact the landlord's agent directly.

It's easier if you have lived here for awhile as you know the areas you are interested in and what works for you.


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