Property rental market

[movingtospore]

For the newbies to Sing, I noticed something interesting today. As I'm potentially moving house in a few months, I was trolling the property sites to see what's out there.

Places I used to rent back in 2009 and 2011 (the days when you had to move every two years because they would try to double the rent) have since dropped 30-40%.

I had thought places were dropping but not by that much.

ST isn't carrying that on their front page!

Negotiate hard if you're looking right now. There are literally thousands of places on the market.

[RedRidingHood]

Yes you are right rental has come down, this coming from someone who has been renting for more than 10 years in Singapore. Not sure if it's as much as 40% though. Back in 2002ish we rented this duplex apt 2000sqf at river valley with a fantastic view for $3.3k. The LL was basically begging us to take in saying she used to rent it out for $7-8k. I believe at the height of property fever the place might be close to $10k. Would be interesting to see how much it could fetch now .... Who says property crash has never happened in Singapore?


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[livingontheedge]

Yeah property market in Singapore crashes - during the 2008 - 2009 the property index was down 40% I believe but quickly rebounded. While there are property crashes and corrections, I believe they are not sustainable for a long period of time due the stability of the economy and business and the population growth. This time however the price correction that started in 2013 may continue (I think) into end of 2016 primarily cause of the incoming supplies expected through then. There are more supplies even coming in through up to 2018 but hopefully prices would have corrected by end of 2016 and we can get some places at reasonable prices.

[rajagainstthemachine]

theres been a landslide in the rentals, hopefully the slide will continue for a while, my renewal is not until aug-sept so lets see how that goes, I'll be definitely asking for a reduction in rent.

[Brah]

And mine too is right after your so I hope it continues...though can't believe I'm saying that, had thought and hoped I'd be outta here by that time.

While property crashes maybe be normal and happen from time to time, I have to wonder if the cycles and durations are different, and if there is a coming one, what that would look like.

I think for the last one that the country was lucky as jobs started coming here, but for the next wave, I find it hard to believe this place will ever become again an attractive place to move to, but I would be happy to be shown I am wrong.