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Rental Housing Market 2014 - Advice Needed

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Nihility
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Rental Housing Market 2014 - Advice Needed

Postby Nihility » Sat, 03 May 2014 10:20 am

I'm relocating to Singapore this July and have my eye on the housing market as it appears to be slowing. As I want to secure a good deal as a renter, what are peoples experiences on the ground? Have people managed to successfully negotiate on advertised prices to gain a better deal? Is 5, even 10% possible in the current climate?

Thanks for your help.

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rajagainstthemachine
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Postby rajagainstthemachine » Sat, 03 May 2014 10:47 am

Highly suspicious as to why rental market should be your first priority especially when you are moving here in July! You sound like a real estate agent to me.
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Postby Nihility » Sat, 03 May 2014 10:50 am

Sorry if it appears that way; it is one of many priorities I have. Just want to get a heads-up before I arrive so I can know if I can bargain quite a bit on rental as the market appears to be flat at the moment.

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Postby Wd40 » Sat, 03 May 2014 11:05 am

What do you mean by "flat"? Have you been following the prices, historically? That confirms you are a journalist/agent and a dumb one at that.

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Postby Nihility » Sat, 03 May 2014 11:13 am

Never been called a journalist before but will take that if you wish. Quite the warm welcoming this forum gives to newbies, but that's cool, in my current expat setting and regular poster for the forum in that particular city, newbies also get flamed :lol:

In short, I have a 'budget' yet have a particular compound/condo in mind and am hopefully people have on the ground recent experience in negotiating for flats/apartments due to the property market being flat at this moment.

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Postby CaptainBullus » Sat, 03 May 2014 1:49 pm

Not sure if this will help you but the estate agent provided to us by my wife's employer has told us that she can get most condos we are looking at below their asking price.

Nihility
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Postby Nihility » Sat, 03 May 2014 3:01 pm

CaptainBullus wrote:Not sure if this will help you but the estate agent provided to us by my wife's employer has told us that she can get most condos we are looking at below their asking price.


Thank you. This is also the impression I am getting.
I'm also interested how much people are getting off the asking price so I can see where my market lies.
Cheers.

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rajagainstthemachine
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Postby rajagainstthemachine » Sat, 03 May 2014 3:04 pm

Nihility wrote:Never been called a journalist before but will take that if you wish. Quite the warm welcoming this forum gives to newbies, but that's cool, in my current expat setting and regular poster for the forum in that particular city, newbies also get flamed :lol:

In short, I have a 'budget' yet have a particular compound/condo in mind and am hopefully people have on the ground recent experience in negotiating for flats/apartments due to the property market being flat at this moment.


it's because the way you worded your first post sounds exactly like how thousand other spam posts on here sound like.
being vague nothing specific and yet fishing for information.
To get there early is on time and showing up on time is late

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Postby Max Headroom » Sat, 03 May 2014 3:50 pm

That's an interesting development; I would have thought that most condos would go at higher than asking price... :shock:

Nihility
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Postby Nihility » Sat, 03 May 2014 3:53 pm

rajagainstthemachine wrote:
Nihility wrote:Never been called a journalist before but will take that if you wish. Quite the warm welcoming this forum gives to newbies, but that's cool, in my current expat setting and regular poster for the forum in that particular city, newbies also get flamed :lol:

In short, I have a 'budget' yet have a particular compound/condo in mind and am hopefully people have on the ground recent experience in negotiating for flats/apartments due to the property market being flat at this moment.


it's because the way you worded your first post sounds exactly like how thousand other spam posts on here sound like.
being vague nothing specific and yet fishing for information.


Ok, I agree it was somewhat impersonal but no malice was intended. Just want to try to get my head around the market from those on the ground before I arrive.

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Postby Beeroclock » Sat, 03 May 2014 6:23 pm

While market seems softer it also comes down to the particular properties and landlords you will deal with, and the initial asking price they show you in the first place. Landlords here can be somewhat stubborn and irrational if I may generalize, eg leave it vacant rather than lower rent by 5-10%. Not to mention issues such as rental discrimination per the bbc article being discussed on another thread....

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Postby JR8 » Sat, 03 May 2014 9:03 pm

Hi Nihility,
Yes, apparently it is. But do note that landlords expectations tend to lag that of a falling market; it seems to be human (or at least landlords :wink: ) nature. Expect a lack of pragmatism, and for them to hold out for what they believe their property ‘is really worth’. Many local landlords are amateurs, and some let ego and pride get in the way of getting on and doing business. This mind-set from some of them seems to tend to continue until they are forced into the reality-shock of the new pricing environment.

Yes, I have always managed to negotiate. If the market is good, maybe you get a token few% off [previous place]. If the market is not so rosy you can get maybe 10% off [my current place]. The trick is to not blatantly take the mickey and hence offend the landlord. If you like a place, look at other similar units, and gauge their cost. Demonstrate why your lower offer is reasonable. If you can offer an incentive like a 2 year lease (w/1yr break clause), then do so. Ultimately it’s a negotiation, and it works for the best if both parties finalise it having settled on terms that they both find equitable.

@ RATM
Seems like a perfectly reasonable question to me, for a person getting prepared to enter into such a major expense in just 2 months time.

@WD40
I think you should give the guy a break. He’s just doing some pre-arrival research.

@Nihility
If you have a condo in mind. Go to the URA site and look at recent ‘let prices’. Then monitor (perhaps in a spreadsheet) what units are available in that condo, and how long they stay on for. If you can say with authority to an agent ‘Well I know this unit has been on and empty for at least 3 months’, it’s just more power to your elbow.

Good luck!

Nihility
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Postby Nihility » Sun, 04 May 2014 7:07 pm

JR8 wrote:Hi Nihility,
Yes, apparently it is. But do note that landlords expectations tend to lag that of a falling market; it seems to be human (or at least landlords :wink: ) nature. Expect a lack of pragmatism, and for them to hold out for what they believe their property ‘is really worth’. Many local landlords are amateurs, and some let ego and pride get in the way of getting on and doing business. This mind-set from some of them seems to tend to continue until they are forced into the reality-shock of the new pricing environment.

Yes, I have always managed to negotiate. If the market is good, maybe you get a token few% off [previous place]. If the market is not so rosy you can get maybe 10% off [my current place]. The trick is to not blatantly take the mickey and hence offend the landlord. If you like a place, look at other similar units, and gauge their cost. Demonstrate why your lower offer is reasonable. If you can offer an incentive like a 2 year lease (w/1yr break clause), then do so. Ultimately it’s a negotiation, and it works for the best if both parties finalise it having settled on terms that they both find equitable.

@ RATM
Seems like a perfectly reasonable question to me, for a person getting prepared to enter into such a major expense in just 2 months time.

@WD40
I think you should give the guy a break. He’s just doing some pre-arrival research.

@Nihility
If you have a condo in mind. Go to the URA site and look at recent ‘let prices’. Then monitor (perhaps in a spreadsheet) what units are available in that condo, and how long they stay on for. If you can say with authority to an agent ‘Well I know this unit has been on and empty for at least 3 months’, it’s just more power to your elbow.

Good luck!


Thanks for your help, JR8. I'm keeping an eye on things from afar so pretty sure I'll enter the market semi-knowledgable and not a complete newbie like the agents may assume I'll be. 8-)

Cheers again.

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rajagainstthemachine
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Postby rajagainstthemachine » Sun, 04 May 2014 7:51 pm

Alright, Maybe I did misjudge him after all, so what areas in Singapore are you on the lookout for?
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Postby Nihility » Mon, 05 May 2014 7:54 am

rajagainstthemachine wrote:Alright, Maybe I did misjudge him after all, so what areas in Singapore are you on the lookout for?


Holland Village seems the most convenient as it is in between mine and my wife's work. However, The Interlace looks a real beauty with great compound/condo facilities.


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