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What is the Rental Market Like in 20j17?

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thailen
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What is the Rental Market Like in 20j17?

Postby thailen » Fri, 10 Feb 2017 8:12 pm

Is it a renter's market or a property owner's market? Which side has the advantage so far?

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PNGMK
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Re: What is the Rental Market Like in 20j17?

Postby PNGMK » Sat, 11 Feb 2017 3:11 pm

thailen wrote:Is it a renter's market or a property owner's market? Which side has the advantage so far?


For ownership it's on a plateau waiting for movement from the govt to free up bank lending or drop some of the measures they put in. Not a lot of movement anywhere. Definitely a renter's market and most likely to continue to be so for the aforementioned reasons. The govt gave into populist pressure and created some regs which make owning a property much harder than before which didn't bring prices down but locked people out of the market instead.
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Re: What is the Rental Market Like in 20j17?

Postby Max Headroom » Sat, 11 Feb 2017 4:59 pm

Well, I reckon that may even be putting it more rosy than it is.

To wit, investors who bought at peak, i.e. a few years back, are in a pretty serious hole right now.

Actually, even though there hasn't been a precipitous drop as such (yet), the current wholesale depreciation we're seeing has been relentless. I think it may be the longest ever in Singapore's property history.

Worse, for the foreseeable future, it doesn't looks like a rabbit will be appearing out of the hat; there's nowhere to go but down; too many units still in the pipeline and too few newcomers to take up all this slack.

If you're thinking of getting in, then in my humble opinion, I'd wait. In fact, the bubble deflation is showing signs of actually speeding up!

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Re: What is the Rental Market Like in 20j17?

Postby PNGMK » Sun, 12 Feb 2017 9:16 am

The gahmen may reverse out some of their restrictions - not that they have telegraphed it. That would instantly turn it around. I do agree that in general you're correct Max.
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Re: What is the Rental Market Like in 20j17?

Postby The Ref » Mon, 13 Feb 2017 10:42 pm

The place I moved 2 weeks ago was advertised at $2900 and I got it at $2550 - I think I probably could have got it a little cheaper. They turned down $2600 previously.

2 years ago the place I was renting was $3400 and 2 years before that they were getting $5K. I asked for a rent reduction which they didnt consider and it has now been empty for 7 months so I guess they are kicking themselves.

Owners are hurting and happy to have anyone in. Find a place that has been empty for a while and where there are a lot of advertised units available and try your bargaining skills.

Google the URA contract history and see what places are actually renting for and negotiate.

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Re: What is the Rental Market Like in 20j17?

Postby PNGMK » Tue, 14 Feb 2017 12:44 am

If you can find a more experienced property owner you may find they're a bit more realistic about the market than the young couple with their first investment condo who need every cent to cover the mortgage and are incapable of understanding the difference between fair wear and tear and malicious damage.
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Re: What is the Rental Market Like in 20j17?

Postby American » Wed, 15 Feb 2017 12:58 am

PNGMK wrote:If you can find a more experienced property owner you may find they're a bit more realistic about the market than the young couple with their first investment condo who need every cent to cover the mortgage and are incapable of understanding the difference between fair wear and tear and malicious damage.


This is great advice. Go with the seasoned owners! I did that my last 2 times and have gotten fair value - people that have held their properties for quite a few years and probably aren't hurting because they bought at a good price. Play hard ball when negotiating. rent is low these days. A good agent should be able to get you a fair deal. I am in a landed property now and am paying 30% less than the previous tenant.

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Re: What is the Rental Market Like in 20j17?

Postby Kabot » Sat, 18 Feb 2017 8:21 pm

Yep, my rent is 2/3 what it was when I came here. And while I have a year lease, it includes a diplomatic clause that starts day one. My experience was, they were giving that only on the second year.

I was looking at condos, and the price has been going down gradually, but not hugely.


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